The market recovered from yesterday's steep losses to open higher with the Dow climbing 94 points to 18,137. Nasdaq gained 33 points to 5,066.
On the upside
Fortinet (Nasdaq: FTNT) will pay a premium of approximately $44 million in cash to acquire Meru Networks (Nasdaq: MERU).
Dawson James initiated coverage of Great Basin Scientific (Nasdaq: GBSN) with a Buy rating and a $10 price target.
Tiffany (NYSE: TIF) reported lower first quarter earnings and revenue but the results were better than expected.
On the downside
Michael Kors (NYSE: KORS) reported higher fourth quarter earnings and revenue but the results fell short of analyst expectations and the retailer forecast 2016 results below estimates.
Workday (NYSE: WDAY) narrowed first quarter losses more than expected as revenue soared but the stock price fell.
21Vianet Group (Nasdaq: VNET) narrowed losses for the first quarter but the stock price fell after Barron's said that the company was overvalued.
In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 3 on the NYSE and by more than 9 to 7 on Nasdaq. The broader S&P 500 gained 10 points to 2114. Bitcoin added $1 to $238.
Markets open higher
May 27, 2015 at 10:41 AM EDT