The markets opened modestly higher with the Dow rising 5 points to 15,332 as jobless claims dropped to a seven year low. Nasdaq added 2 points to 3727.

On the upside

II-VI paid approximately $92 million in cash to purchase the Gallium Arsenide laser diode business of Oclaro (Nasdaq: OCLR).

Pandora Media (NYSE: P) named former aQuantive leader and Microsoft executive Brian McAndrews to the position of chief executive officer.

Extreme Networks (Nasdaq: EXTR) will acquire Enterasys Networks in an all cash deal valued at approximately $180 million.

On the downside

Lululemon Athletica (Nasdaq: LULU) reported lower second quarter earnings and forecast current quarter results below expectations.

Weatherford International (NYSE: WFT) chief financial officer John H. Briscoe left the oilfield services firm prompting downgrades.

Glu Mobile (Nasdaq: GLUU) priced its public offering of 6.3 million common shares at the discounted price of $2.10 per share.  

In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 4 on the NYSE and by 10 to 9 on Nasdaq. The broader S&P 500 eased a fraction to 1688.