Market Update

Shares of SRS Labs Inc SRSL surged about 34% after DTS Inc DTSI announced its plans to buy SRS Labs in a cash-and-stock deal valued at around $148 million. The offer price values SRS at $9.50 per share, representing a 38.5% premium to SRS Labs' closing price on Monday. Shares of First Solar Inc FSLR gained about 2.7% after the company announced its plans to lower 2,000 jobs, or around 30 percent of its workforce. The company also plans to shut down some manufacturing operations. Shares of Embraer SA ERJ gained about 0.5% after the company reported a rise in deliveries in the first quarter. Embraer delivered 34 commercial and executive jets in the period, versus 28 planes, in the year-ago period. Embraer delivered 21 commercial planes and 13 private aircraft in the first quarter. Shares of Starwood Property Trust Inc STWD dropped about 2.7% after the company announced the pricing of an underwritten public offering of 20,000,000 shares of its common stock.