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Actionable news in CXW: CORRECTIONS CORPORATION OF AMERICA,

Corrections Corp. (CXW) Stock Rallies Despite Downgrade to 'Junk' Status

NEW YORK (TheStreet) -- Shares of Corrections Corp. of America (CXW) were rallying 11.50% to $19.59 on heavy trading volume late Friday morning after losing more than a third of their value on Thursday following the Justice Department's decision to phase out for-profit prison operators.

Corrections Corp. is a Nashville-based real estate investment trust that owns and manages private prisons.

Credit rating agency Moody's (MCO) consequently cut the company's credit rating to "junk" status today, as it downgraded Correction Corp.'s senior unsecured bond rating to Ba1 from Baa3.

Moody's updated its rating outlook to...


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