Iranian missle tests sparked a rebound in oil prices. The markets opened lower with the Dow dropping 43 points to close at 11,341 while Nasdaq fell 15 points to finish the session at 2280.

On the upside

QLogic (Nasdaq: QLGC) lifted its first quarter revenue and earnings outlook above analyst expectations.

UBS upgraded Nucor (NYSE: NUE) after the steel producer completed its $658 million acquisition for 50% of the joint venture Duferdofin-Nucor S.r.l.

Cleveland-Cliffs (NYSE: CLF) lifted its sales guidance for iron ore and declared a quarterly dividend of 8.75 cents payable on September 2 to shareholders of record August 15.

On the downside

Arris Group (Nasdaq: ARRS) blamed disappointing sales of its voice enabled cable modems for lowering its second quarter outlook.

Wolverine World Wide (NYSE: WWW) reported higher second quarter earnings and revenue that surpassed estimates but investors were disappointed that the company merely reaffirmed its 2008 outlook rather than raising it.

Despite higher revenue, Premier Exhibitions (Nasdaq: PRXI) reported a loss for the first quarter due to higher expenses and legal fees prompting a downgrade.

In the broad market, declining issues outpaced advancers by a margin of more than 10 to 9 on the NYSE and by more than 7 to 5 on Nasdaq. The Russell 2000 which tracks small cap stocks eased a fraction to 682.