7 Stocks you need to know for Tuesday

Washington Mutual (WM | Quote | Chart | News | PowerRating) suffered its steepest decline since going public on a report from Lehman Brothers that the bank could report losses of $26 billion in 2008. The stock plunged more than 34% on Monday.

In other merger - or would-be merger - news, Yahoo! (YHOO | Quote | Chart | News | PowerRating) today announced that it had rejected another offer from Microsoft (MSFT | Quote | Chart | News | PowerRating) that would have involved breaking up the company. Shares of Yahoo! were lower by more than 4%.

Waste Management (WMI | Quote | Chart | News | PowerRating) launched an unsolicited $6.2 billion bid for Republic Services (RSG | Quote | Chart | News | PowerRating), which is currently being pursued by Allied Waste Industries (AW | Quote | Chart | News | PowerRating). Waste Management was down more than 5% on the news.

Netflix (NFLX | Quote | Chart | News | PowerRating) is poised to announce plans to distribute films and movies over the Internet for subscribers who use Microsoft's XBox video console system. Netflix was higher by more than 2% on the day.