Stocks Tumble on Bank Woes

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2% to just above the lower end of their 52-week range low, after bouncing from their first drop below $30 in more than five years.

Genlyte Group (GLYT) shares vaulted 50.7% after the manufacturer and marketer of lighting fixtures and controls said it had agreed to be acquired by Royal Philips Electronics (PHG) in a deal valued at $2.7 billion, with Genlyte shareholders to receive $95.50 in cash per share.

Novagold Resources (NG shares plummeted 53.2% after the mining company and Teck Cominco Ltd. said they will suspend construction activities at the Galore Creek copper-gold-silver project in northwestern British Columbia. Novagold said that a recent review and completion of the first season of construction indicate substantially higher capital costs and a longer construction schedule for the project.

U.S. Shipping Partners LP (USS) shares rose 11.8% after it said it expects to pay the fourth-quarter 45-cent distribution on its common units in full. And to enhance liquidity for the Partnership's working capital requirements and payment of future minimum quarterly distributions on its common units, the holder of the Partnership's subordinated units has agreed that, if necessary, it will either reinvest or ask the General Partner to suspend any distributions payable on the subordinated units throiugh 2008.

European equity indexes were trading lower on Monday. In London, the FTSE 100 index fell 1.30% to 6,180.50. Germany's DAX index slid 0.55% to 7,567.36. In Paris, the CAC 40 dropped 1.14% to 5,458.39.

Asian markets finished mostly higher Monday. In Japan, the Nikkei 225 index rose 1.66% to 15,135.21. In Hong Kong, the Hang Seng index jumped 4.09% to 27,626.62. The Shanghai composite fell 1.46% to 4,958.85.

Treasury Market

Treasury prices rose Monday as more traders sought refuge from weaker equity markets. The two-year notes climbed 11/32 to 101-12/32 for a yield of 2.88%; 10-year notes jumped 1-10/32 to 103-11/32 for a yield of 3.84%; and the 30-year bond leaped 2-13/32 to 111-25/32 for a yield of 4.29%.