New Century files bankruptcy; AirTran ups bid to $389M
CBS News
Transcript
[Music] another casualty in the subprime mortgage Mass after weeks of speculation New Century Financial has finally filed for bankruptcy protection amid a surge in homeowner defaults in recent months more than two dozen subprime lenders have closed their doors on Wall Street stocks managed to eek out modest gains despite a weak reading on manufacturing the Dow gained about 28 points the NASDAQ closed up more than a half Point Air Tran won't take no for an answer it's raising its hostile bid for rival Midwest Air Group by 133% to $389 million now Midwest Airlines parent company is telling shareholders to reject the deal saying the carrier would be stronger on its own some Midwest passengers and shareholders are concerned that a deal would end midwest's tradition of wide leather seats and fresh baked cookies Hershey wants to keep control dampening speculation that the company might eventually team up with Britain's Cadbury webs Hershey's chairman says he has confidence in the chocolate Giants management and in the company's plan to cut costs and regain market share from its rival Mars that's your money watch log on to cbsnews.com for more in New York I'm Alexis christopherus