Weakness in shares of Corrections Corp. of America (CXW), -9.7% premarket, appears to be related...

|About: Corrections Corporation of ... (CXW)|By:, SA News Editor

Weakness in shares of Corrections Corp. of America (CXW), -9.7% premarket, appears to be related to plans for a California prison overhaul that reportedly would cut spending by billions of dollars. The California Department of Corrections and Rehabilitation accounted for 13%, 13% and 11% of CXW revenue for 2011, 2010 and 2009, respectively.