Please report the system specification, particularly the version of OS X and the graphics card. Also, please specify exactly which version of Premiere Pro you have, as shown in the About box--"the latest" leaves too much to the imagination.
If you are on 2014.1, the update release last Monday, and if the project was created in an earlier version of Premiere, then you might be best off reverting to the version you were on before updating. We generally discourage updating Premiere mid-project unless there's a compelling reason like a fix for a bug that is blocking your work.