Despite a modestly bearish slant on Wall Street today, there are still plenty of stocks climbing to new bullish milestones. The NYSE reports 91 equities at annual highs, along with just one lone laggard falling to a fresh 52-week low. Meanwhile, the Nasdaq has collected 80 new highs, compared to five annual lows. Among the day's notable gainers is Rackspace Hosting, Inc. (RAX - 47.91), which earlier elbowed its way to a new record peak.

Specifically, RAX topped out at $48.49 -- marking the third day in a row the stock has set a new all-time high for itself. RAX is continuing a recent breakout above resistance in the $45-$47 area, which had capped the security's rally attempts since April 2011.

However, options players seem skeptical that RAX can continue to climb the charts. During the past 10 sessions, speculators on the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) have bought to open 2.15 puts for every call on RAX. This ratio registers in the 84th percentile of its annual range, suggesting that traders have rarely purchased bearish bets over bullish at a faster clip.

Traders should stay tuned to RAX over the next week, as the tech issue is due to reveal its fourth-quarter earnings after the market closes on Monday, Feb. 13. The company has a respectable history on the earnings stage, having surpassed consensus profit estimates in three of the past four quarters. With a healthy 9.7% of RAX's float sold short, an upside surprise next Monday could spark another surge higher for the shares.

U.S. stocks are treading red ink at midday, as Greek debt anxiety has dampened investors' post-payrolls enthusiasm. With no domestic economic reports on the day's docket, traders have been left to take their cues from rising fiscal turmoil in the euro zone. Bailout officials from the European Union (EU), European Central Bank (ECB), and International Monetary Fund (IMF) are demanding another round of austerity measures in exchange for a much-needed aid package, but some Greek politicians are digging in their heels. German Chancellor Angela Merkel and French President Nicolas Sarkozy have both urged Greece to ratify the necessary fiscal reforms, while Luxembourg Prime Minister Jean-Claude Juncker -- who spearheads a group of euro-zone finance ministers -- warned that the alternative to these austerity measures could be a bankruptcy filing as soon as March. As we head into the second half of the session, all three major equity indexes are sitting on modest losses.

At last look, the Dow Jones Industrial Average (DJIA - 12,827.98) is down 34.3 points, or 0.3%. The S&P 500 Index (SPX - 1,343.08) has slipped 1.8 points, or 0.1%, and the Nasdaq Composite (COMP - 2,902.25) is off 3.4 points, or 0.1%.

Checking in on Dow components, Walt Disney (DIS - 40.56) is up 1.4% to lead the eight advancing blue chips into the black. Earlier, DIS was upgraded to "buy" from "neutral" at Davenport. On the other hand, American Express (AXP - 51.44) has shed 1.6% to lead the 22 laggards into the red.

The CBOE Market Volatility Index (VIX - 17.92) has jumped 4.8% at last look, though its positive momentum has so far been stopped short in the 18 area.

Among equities in focus, Humana (HUM - 85.89) has declined 4.5% after offering less-than-stellar earnings guidance for fiscal 2012. Lazard (LAZ - 27.53) is another post-earnings laggard, down 4.7% on the heels of its quarterly results. On the brokerage front, Regeneron Pharma (REGN - 101.08) has shrugged off a Piper Jaffray downgrade to gain 4.4%, after earlier tagging a new all-time high of $101.47. Over in the options pits, Aruba Networks (ARUN) was targeted by put buyers, while call players have set their sights on MEMC Electronic Materials (WFR).

Analysts are weighing in today on global courier FedEx Corporation (FDX - 94.96), agricultural equipment giant Deere & Company (DE - 87.23), casino operator MGM Resorts International (MGM - 14.11), biotech stock Regeneron Pharmaceuticals, Inc. (REGN - 99.37), and wide-area network specialist Riverbed Technology, Inc. (RVBD - 26.65). Here's a quick roundup of today's upgrades and downgrades of note.

• Starting with FDX, the stock scored an upgrade to "buy" from "neutral" at Bank of America-Merrill Lynch. As a result, FDX has been able to buck a bearish bias in the equities market today, up 0.4% at last look. The shares have gained an impressive 13.2% so far in 2012, but FDX is now staring up at a familiar technical hurdle. Since September 2008, the stock's rally attempts have consistently been halted by resistance in the $96-$98 neighborhood.
• ISE Group lowered its rating on DE to "hold" from "buy," which has triggered a 1.3% drop in the shares at last check. Ahead of this downgrade, analysts were pretty evenly split on DE, with Zacks reporting eight "strong buys," eight "holds," and one "strong sell." However, the farming equipment firm has been stellar on the charts so far this year, racking up a gain of 14.3% since the beginning of January. Despite today's dip, DE remains north of short-term support at its 20-day moving average.
• Gambling mogul MGM is off 1.8% in today's trading, pressured by a downgrade to "neutral" from "buy" at Goldman Sachs. With the stock up nearly 61% from its mid-December low of $8.95, the brokerage firm seems to be growing leery of MGM's ability to keep climbing. Skepticism is also evident elsewhere on Wall Street, as a hefty 12.5% of the equity's float is dedicated to short interest.
• Jefferies raised its price target on REGN to $111 from $75, even as Piper Jaffray downgraded the stock to "neutral" from "overweight." The stock is 2.6% higher at last check, after earlier tagging a new all-time peak of $99.62. REGN has rallied nearly 75% so far in 2012, and the stock's Relative Strength Index (RSI) is now docked at a lofty 87 -- but, judging by today's gains, the shares aren't ready to take a breather just yet.
• Finally, RVBD was raised to "outperform" from "sector perform" at Pacific Crest, prompting a 2.8% gain in mid-morning action. The stock is on track to close the session atop its 10-day moving average for the first time since Jan. 27, when RVBD's soft first-quarter forecast sparked a major bearish gap. Most brokerage firms remain upbeat toward RVBD, despite the cloudy outlook. Currently, Zacks tallies 18 "buy" or better endorsements, compared to 12 "hold" or "sell" suggestions.

Thanks to a batch of well-received economic reports -- including a major upside surprise on payrolls -- stocks are trading substantially higher this afternoon. The NYSE reports no fewer than 267 fresh annual highs, compared to only four new lows. Similarly, the Nasdaq boasts 240 equities at new 52-week peaks, along with just 13 annual lows. Among the stocks blazing a path higher in today's trading is Trimble Navigation Limited (TRMB - 51.32), which is capitalizing on last night's well-received fourth-quarter figures.

Specifically, TRMB banked an adjusted quarterly profit of 54 cents per share, with revenue checking in at $435.2 million. By contrast, analysts were targeting earnings of just 48 cents per share on $419.1 million in revenue.

Wall Street certainly seems pleased with TRMB's performance, as the stock attracted price-target hikes from four different brokerage firms this morning. In fact, TRMB's first tick of the trading day was a quick trip up to $52.50, which represents a new all-time peak for the shares. The equity has since pared some of its gains, but could now find a round-number foothold in the $50 region, which marked the site of today's bullish gap.

With the shares up nearly 7% as we roll toward the close, it seems safe to assume that TRMB is benefiting from a short-squeeze situation. Short interest jumped by more than 50% during the most recent reporting period, and the current accumulation of shorted shares would take 3.3 days to fully unwind, at the equity's average daily trading volume.

U.S. stocks today are wrapping up a generally tepid week of trading on a resoundingly bullish note. Buyers have been lured off the sidelines by a surprisingly robust report on nonfarm payrolls, along with a few other well-received economic updates. Bright and early this morning, the Labor Department announced that 243,000 jobs were added in January, crushing the average estimate for a gain of 125,000. Meanwhile, the unemployment rate unexpectedly fell to 8.3%, hitting its lowest level since February 2009. As if that weren't enough of a positive catalyst, the ISM's services index surged to 56.8 last month, while factory orders rose for the second consecutive month in December. Against this upbeat backdrop, the major market indexes are on track to win the day -- and the week.

At last look, the Dow Jones Industrial Average (DJIA - 12,862.99) has gained 157.6 points, or 1.2%, bringing its weekly advance to 1.6%. The S&P 500 Index (SPX - 1,344.31) is up 18.8 points, or 1.4%, and the Nasdaq Composite (COMP - 2,907.45) has added 47.8 points, or 1.7%. In fact, the COMP cruised to a fresh multi-year high of 2,908.13 earlier in the session -- its loftiest perch since December 2000. For the week, the SPX is 2.1% higher, while the COMP has climbed 3.2%.

Checking in on Dow components, Merck (MRK - 38.36) is down 0.2% to lead the two laggards into the red. For the record, fellow pharma firm Pfizer (PFE) is the day's other Dow decliner. On the other hand, Bank of America (BAC - 7.76) has bounced 4.2% to pace the 28 advancing blue chips.

Today's economic enthusiasm has depressed the CBOE Market Volatility Index (VIX - 17.00), which is off 5.5% this afternoon. For the week, the VIX is down more than 8%.

Among equities in focus, Wynn Resorts (WYNN - 115.73) has shed more than 4% after a fourth-quarter revenue miss, while Estee Lauder (EL - 56.86) has lost 3.4% on the heels of a disappointing first-quarter forecast. Conversely, NetSuite (N - 46.70) tagged a new all-time high of $48.81 after topping Wall Street's profit and revenue predictions. Over in the options pits, Groupon (GRPN) garnered heavy call volume amid Facebook's IPO buzz, while speculators swarmed the uptrending shares of Dunkin' Brands (DNKN).