Hi Jeff,
Thank you for your response.
I am using Mac OS X Yosemite (10.10.1). This is not a new Mac, have had it since 2011. I upgraded to Yosemite. I had been using CS5 and Lightroom without a problem earlier. It is only after I upgraded to Yosemite that Photoshop is not opening. No issues with Lightroom.
I did my best to look up the installation logs. Have posted an image. Not sure if it is what you were asking me to check. Of any help?