The major market indexes are assailing new heights this afternoon, as Wall Street reacts to testimony from Fed Chairman Ben Bernanke. Among the equities in focus include chipmaker Advanced Micro Devices, Inc. (NYSE:AMD), blue-chip tech concern Cisco Systems, Inc. (NASDAQ:CSCO), and credit card firm Visa Inc (NYSE:V), which have all attracted the attention of analysts.

• AMD is up 0.5% at $4.04, after Jefferies reiterated its "buy" rating, citing new revenue from Sony Corporation's (ADR) (NYSE:SNE) PS4 and Microsoft Corporation's (NASDAQ:MSFT) Xbox One. However, "buy" ratings are relatively rare for Advanced Micro Devices. In fact, just five analysts offer up "buy" or better recommendations, compared to 16 tepid "holds" and three "sell" or worse ratings. Likewise, short sellers upped their bearish bets by 3.9% during the past two reporting periods. These pessimistic positions now account for 18.4% of AMD's total available float, and would take more than a week to unwind, at the equity's average pace of trading.
  
  
• Moving on, Berenberg hiked its price target on CSCO by $2 to $16, but maintained its "sell" suggestion. Cisco Systems is currently sitting out the day's rally, down 1.9% at $23.56. Most analysts are fonder of CSCO, which boasts 19 "strong buys" and two "buy" endorsements, compared to seven "holds" and two "strong sells." Plus, the average 12-month price target sits at $24.86 -- more than 50% north of Berenberg's new target. Meanwhile, the options crowd is also optimistic. Schaeffer's put/call open interest ratio (SOIR) of 0.53 sits just 1 percentage point from a 52-week low, implying that near-term options traders have rarely been more call-heavy during the past year.
  
  
• Finally, Evercore Partners lifted its price target on V to $241 from $172. The new target implies expected upside of nearly 33% to Visa's current price of $181.25, and stands significantly north of the consensus 12-month price target of $180.45. Elsewhere on Wall Street, options traders have rarely been more bullish toward V. On the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), speculators have bought to open more than four Visa calls for every put during the past two weeks. Even more telling, the 10-day call/put volume ratio of 4.17 stands higher than all other readings of the past year, implying that option buyers are establishing bullish bets at a much faster-than-usual clip.

The Dow Jones Industrial Average (INDEXDJX:.DJI) is up 126 points, or 0.8%, to 15,513.13, following Ben Bernanke's congressional testimony this morning. The Fed Chairman noted that since the economy is still in the midst of a recovery, the central bank has no immediate plans to temper its bond-buying program. As a result, the blue-chip barometer rallied to another record intraday peak of 15,542.40, while the S&P 500 Index (SPX) cruised to an all-time high of 1,687.18. Elsewhere on the Street, the National Association of Realtors said existing home sales climbed 0.6% last month to a seasonally adjusted annual pace of 4.97 million. Although the latest figure fell slightly short of economists' projections, it still marked the highest level since November 2009. Meanwhile, the Federal Open Market Committee (FOMC) will release the minutes from its latest meeting at 2:00 p.m. ET.

Here are a few noteworthy stats at midday:

1. The equity put/call volume ratio across all 11 options exchanges is docked at 0.721, with 5.2 million calls exchanged so far today, compared to 3.7 million puts.
   
   
2. Among the equities with call-slanted activity is Mylan Inc. (NASDAQ:MYL), which has advanced almost 2.6% -- and tagged a fresh record high of $32.09 -- since the opening bell. An appeals court yesterday reversed a previous ruling that had invalidated five of the firm's patents regarding Perforomist, which is used to treat pulmonary disease. Currently, calls represent 63.8% of the drug maker's intraday option volume. At last check, MYL was trading at $32.03.
   
   
3. The New York Stock Exchange (NYSE) shows an advance/decline ratio of 2.14, with the number of upward movers more than doubling the decliners.
   
   
4. Among the NYSE's major advancers is Toll Brothers Inc (NYSE:TOL), which has gained about 7.8% -- and touched a new multi-year high of $39.25 -- in intraday action, after topping analysts' quarterly earnings projections this morning. The results also triggered a price-target hike to $35 from $32 at UBS in pre-market trading. TOL is presently trading at $38.81.
   
   
5. The CBOE Market Volatility Index (INDEXCBOE:VIX) is 0.1 point, or 0.9%, lower, to hover at 13.25.
   
   
6. The put/call volume ratio on the iPath S&P 500 VIX Short-Term Futures ETN (NYSEARCA:VXX) -- which is currently perched at 18.28 -- checks in at 1.84, with puts outpacing calls by a margin of nearly 2-to-1.

View a real-time chart of the Dow Jones Industrial Average 2 Minute (INDEXDJX:.DJI).

By promising "not to screw up" recently acquired Tumblr, Yahoo! Inc.'s (NASDAQ:YHOO) Marissa Mayer must be "worried she might," opines one MarketWatch columnist. "It sounds more like something a venture capitalist might say about an entrepreneur in their portfolio, rather than by the CEO of a public company." (The author did not, however, analyze Tumblr CEO David Karp's profane announcement of the deal.)

One of the problems facing Mayer is, in fact, Karp, the "brilliant creator of a very cool Internet hangout" who "cares about products and users first and profits seconds." Just look at Karp's CNBC interview from over two years ago, where the "idealist" poo-pooed ads that would compromise the integrity of the product. Of course, there's no way of knowing if Karp still feels that way, the MarketWatch columnist admits, but a clash of ideals could hinder Mayer in her quest to recoup the investment -- "if she ever does."

Contrarian Perspective

Technically speaking, YHOO has thrived under Mayer, tacking on roughly 60% since she took the reins last July. In fact, the stock touched a fresh multi-year high of $27.68 just last week, and is now consolidating atop its 10-day moving average.

However, Wall Street, like the aforementioned journalist, remains wary of Yahoo. On the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the stock's 10-day put/call volume ratio of 0.30 ranks in the 68th percentile of its annual range. In other words, option buyers have picked up YHOO puts over calls at an accelerated clip during the past couple of weeks. In the same skeptical vein, the average 12-month price target stands at a meager $27.16 -- a stone's throw from YHOO's closing price of $27.00 on Tuesday.

Should Yahoo continue to succeed both fundamentally and on the charts, an unwinding of pessimism in the options pits, or a flood of upbeat analyst attention, could help the shares extend their quest for new highs.

Stock futures are modestly higher this morning, as investors display cautious optimism ahead of Federal Reserve Chairman Ben Bernanke's speech before Congress. In company news, here are some stocks to watch today:

• Saks Inc (NYSE:SKS) has hired Goldman Sachs Group, Inc. (NYSE:GS) to help it sell … well, itself. The struggling 41-store retailer is expected to field bids from several private-equity firms and sovereign-wealth funds. SKS shares are up more than 18% in pre-market trading. (New York Post)


• NetApp Inc.'s (NASDAQ:NTAP) fiscal fourth-quarter earnings report was a mixed bag. The data management unit earned 69 cents per share, excluding items -- a penny north of consensus projections -- but its $1.72 billion in revenue was just shy of analyst expectations of $1.76 billion. (MarketWatch)


• Microsoft Corporation (NASDAQ:MSFT) unveiled Xbox One yesterday, a slightly more powerful and cosmetically re-designed replacement for the Xbox 360. The new system is able to function as a cable box, and comes with an upgraded Kinect motion tracker that is able to detect even subtle movements. (CNNMoney)


• Zynga Inc (NASDAQ:ZNGA) is facing stiff competition from a frustrating source: its ex-employees. In light of the gaming name's bloated bureaucracy and slowing sales, several executives and managers have jumped ship to pursue startups, such as JuiceBox, Red Hot, and TapZen. (Businessweek)


• Lowe's Companies, Inc. (NYSE:LOW) reported lower-than-expected first-quarter earnings, excluding items, of 49 cents per share, and revenue of $13.1 billion, missing analysts' forecasts of 51 cents per share and $13.45 billion, respectively. The retailer blames its sales decline on unseasonably colder and rainier weather. (CNBC)


• ESPN, Inc., which is part of The Walt Disney Company (NYSE:DIS), is slashing 300 to 400 jobs through layoffs and by leaving jobs unfilled, in order to "enhance [its] continued growth while smartly managing costs." This announcement came two weeks after Disney reported a 32% increase in net income and a 15% rise in operating income at its cable networks. (The New York Times)


• Merck & Co., Inc (NYSE:MRK) plans to repurchase roughly 99.5 million shares from Goldman Sachs based on current market prices, through an accelerated share repurchase agreement (ASR). In light of increased competition from generic-drug makers, one analyst noted, "this is a positive sign of Merck attempting to create shareholder value." (Reuters)


• Finally, more teenagers are gravitating toward Twitter, Inc. for their social media fix, claiming that there are too many adults, parents, and opportunities for drama on Facebook Inc (NASDAQ:FB). The percentage of teenage social media users on Twitter has grown to 26%, up from 12% in 2011. (USA Today)

Analysts are weighing in today on home beverage system Sodastream International Ltd (NASDAQ:SODA), BlackBerry maker Research In Motion Ltd (NASDAQ:BBRY), and banking issue SunTrust Banks, Inc. (NYSE:STI). Here's a quick roundup of today's bearish brokerage notes.

• SODA -- which has soared nearly 104% during the past year to linger in the $64.83 neighborhood -- was downgraded to "neutral" from "overweight" at J.P. Morgan Securities today. However, the brokerage firm also lifted its price target for the stock to $70 from $56. Despite Sodastream International Ltd's technical prowess, bearish speculation toward the equity remains alive and well. In fact, short interest currently accounts for a hefty 40% of the security's available float. It would take more than 14 sessions to unwind these shorted shares, at SODA's average daily trading volume.
  
  
• Although BBRY sports a year-to-date gain of more than 24%, the stock was cut to "underperform" from "neutral" at Exane BNP Paribas in pre-market action. Research In Motion Ltd is certainly no stranger to skepticism from the brokerage bunch, though. Just six analysts have handed out "buy" or better endorsements, compared to 11 "holds" and 13 "sell" or worse suggestions. What's more, the security's average 12-month price target of $12.30 reflects a discount to yesterday's closing price of $14.77. This leaves plenty of room for future upgrades and/or price-target hikes, which could push BBRY higher.
  
  
• STI was lowered to "perform" from "outperform" at Oppenheimer ahead of the opening bell, despite a year-over-year advance of roughly 43% to explore the $32.15 area. Meanwhile, the equity's 10-day International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) call/put volume ratio checks in at 7.62, confirming traders have bought to open more than seven calls for every put during the past two weeks. This ratio is just 4 percentage points shy of a yearly acme, signaling speculators have been snapping up bullish options over bearish at a near annual-high clip lately.