Private prison companies took another dive on Wednesday after Bank of America announced it would no longer finance the facilities.

What's happening: Shares of major private prison companies GEO Group and CoreCivic had another major selloff, slumping 4.2% and 4.4% respectively after the BofA news.

  • Reuters' Imani Moise, who broke the news, also made waves in March with news that JPMorgan had made a similar declaration, and Wells Fargo also announced it would stop loans to the industry.

Background: Activists have stepped up pressure against the financing of private prisons amid heightened tension over immigration policies from the Trump administration and concerns about facility conditions. Private prisons account for about two-thirds of people held by U.S. Immigration and Customs Enforcement, according to S&P Global Ratings estimates.

Earlier this month, the companies were rocked by an announcement from presidential candidate Sen. Elizabeth Warren, who tweeted about about her plan to terminate private prisons entirely.

  • That news sent GEO to its biggest intraday drop since March. CoreCivic fell by as much as 6%, the largest intraday decline of the year.

The big picture: GEO Group's stock is up a little more than 3% year-to-date, but has fallen more than 16% since June 18.

  • CoreCivic's stock is up 14% for the year, but has dropped more than 18% since June 18.

Go deeper: How companies profit from immigrant detention

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Amy Harder, author of Generate
3 hours ago - Energy & Environment

Climate change goes mainstream in presidential debate

Photo illustration: Aïda Amer/Axios. Photo: Olivier Douliery-Pool/Getty

The most notable part of Thursday’s presidential debate on climate change was the fact it was included as a topic and assumed as a fact.

The big picture: This is the first time in U.S. presidential history that climate change was a featured issue at a debate. It signals how the problem has become part of the fabric of our society. More extreme weather, like the wildfires ravaging Colorado, is pushing the topic to the front-burner.

Finally, a real debate

Photo: Morry Gash/AP

A more disciplined President Trump held back from the rowdy interruptions at tonight's debate in Nashville, while making some assertions so outlandish that Joe Biden chuckled and even closed his eyes. A Trump campaign adviser told Axios: "He finally listened." 

The result: A real debate.

Biden to Trump: "I have not taken a penny from any foreign source ever in my life"

Former VP Joe Biden pushed back Thursday against allegations from President Trump, saying he had never profited from foreign sources. "Nothing was unethical," Biden told debate moderator Kristen Welker about his son Hunter's work in Ukraine while he was vice president.

Why it matters: Earlier on Thursday, Hunter Biden's former business partner, Tony Bobulinski, released a statement saying Joe Biden's claims that he never discussed overseas business dealings with his son were "false."