Prison operators Geo Group, CoreCivic gain after Trump signs tax and spending bill

** Shares of private prison firms Geo Group GEO and CoreCivic CXW both gapped higher by about 7% before pulling back on Mon after U.S. President Donald Trump on Fri signed a sprawling tax and spending bill into law, which includes significant funding for immigration detention centers

** Congress devoted an unprecedented $170 bln to immigration enforcement, including $45 bln for expanding immigration detention capacity

** The bill would increase currently funded level of a daily avg of 41,500 people to at least 100,000

** U.S. Immigration and Customs Enforcement said the daily avg people in custody rose to 56,000 last month, over its funded capacity

** Boca Raton, Florida-based Geo's stock jumped as much as 7.3% in early trade to $27.17, a four-week high, and rising for 7th consecutive session. Stock last up 2.1% at $25.86

** Brentwood, Tennessee-based CoreCivic's stock lifted as much 7% to $23.19 and is last up 2.7% at $22.26 on Mon

** With moves on Mon, GEO shares down ~7% YTD while CXW shares up ~2%