Shares of privately-run prison stocks plummeted Thursday following a report that the Justice Department plans to phase out its use of the facilities. Shares of Corrections Corp. of America CXW, -4.08% dropped 40% to $16.51 and shares of GEO Group Inc. GEO, -4.27% plunged 42% to $18.82 after several trading halts. Deputy Attorney General Sally Yates announced in a memo Thursday that officials should decline to renew private prison contracts or reduce their scope, according to The Washington Post.