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Viacom shares rise as Wall Street indices dip

The Dow Jones Industrial Average was down 0.3 percent on the previous day at 18,541.75, about an hour into trade

Wall Street was trading lower at mid-morning Friday as investors awaited a settlement in a power struggle at the media giant Viacom Inc.

About one hour into trade, Viacom shares were up 2.8 percent on media reports that CEO Philippe Dauman had agreed to leave the company with a payout north of $70 million.

The Dow Jones Industrial Average was down 0.3 percent on the previous day at 18,541.75, and the broader S&P 500 lost 0.3 percent at 2,180.04.

The tech-heavy Nasdaq was flat at 5,239.60.

Shares in retailers Target Corporation and Gap Inc were up, with the latter rising 1.5 percent after second-quarter earnings came in slightly above estimates at $0.60 per share.

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Shares in private prison contractors Corrections Corporation of America and Geo Group recovered slightly in early trade on Friday with Geo Group up 14.7 percent and CCA up 7.6 percent.

Both were still vastly lower than they had been prior to Thursday's announcement from the US Justice Department that it was ending the use of private contract prisons for federal detainees. CCA was down 30 percent from before the announcement at $18.91 while Geo Group was off 32 percent at $21.48.