The shares of Global Payments Inc (NYSE:GPN) have been moving higher since mid December, up 13.7% since the start of the year. However, the equity appears to be running into some technical pressure on the charts, including its 200-day moving average, which has historically bearish implications. 

According to data from Schaeffer's Senior Quantitative Analyst Rocky White, GPN has come within one standard deviation of the aforementioned trendline five times over the past three years. The stock was lower one month later 80% of the time, averaging a 9.5% loss. From its current perch of $112, this setback would place Global Payments stock just below $102.

An unwinding of optimism amongst analysts could provide headwinds as well. Of the 20 analysts in coverage, 15 carry a "buy" or better rating on GPN. Plus, the 12-month consensus price target of $142.93 is a 27% premium to current levels. 

The shares of Mattel Inc (NASDAQ:MAT) aren't faring too well after the company's lower-than-expected fourth-quarter results and disappointing 2023 profit forecast. No fewer than three analysts cut their price targets after the event, with the lowest from Jefferies to $18. It's also worth noting that the security has landed on the short sell restricted (SSR) list today.

At last check, MAT was down 10.6% to trade at $18.33, and earlier dipped as low as $17.98. The stock's 320-day moving average kept a lid on its most recent rally, rejecting the shares in early February. Over the last nine months, the security has shed 26.9%.

Overall, the brokerage bunch is still leaning bullish. Of the nine analysts in coverage, seven carry a "strong buy" rating on Mattel stock. Meanwhile, short interest makes up 5.6% of the stock's available float, or over a week's worth of pent-up buying power. 

Over in the options pits, put volume is running at 11 times the usual volume, with 3,801 puts exchanged so far today. The February 18 and 20 put options are the most active contracts. 

Investors are unpacking the latest batch of corporate earnings reports this morning, which brought quarterly wins from Walt Disney (DIS) and PepsiCo (PEP). Jobless data is also on tap, with weekly claims jumping to a higher-than-anticipated 196,000, sending Treasury yields lower and fueling hopes that the Federal Reserve will continue to back off its hawkish stance.

Futures on the Dow Jones Industrial Average (DJIA) and Nasdaq-100 Index (NDX) are pacing for a triple-digit pop, while S&P 500 Index (SPX) futures are also comfortably higher.

Continue reading for more on today's market, including:.

• Surging Fortinet stock loves February.
• Uber stock is trading at multi-month highs.
• Plus, Disney layoffs; casino name beats on revenue; and Tesla exonerated. 

5 Things You Need to Know Today

1. The Cboe Options Exchange (CBOE) saw more than 1.3 million call contracts and 805,101 put contracts traded on Wednesday. The single-session equity put/call ratio rose to 0.63 and the 21-day moving average stayed at 0.80.
2. Walt Disney Co (NYSE:DIS) is up 6.1% in ahead of the bell, after the company revealed better-than-expected first-quarter earnings and revenue, thanks in part to a return to its theme parks. The media giant also announced it will be laying off 7,000 workers as it looks to reduce costs and make its streaming business profitable. Year-over-year, DIS is down 21.5%.
3. MGM Resorts International (NYSE:MGM) beat revenue expectations for the fourth quarter, despite worse-than-anticipated losses. The casino operator also plans to scrap a buyout by gambling firm Entain. At least seven analysts have lifted their price objectives, sending the shares 6.4% higher before the open. Year-to-date, MGM has already added 23.6%.
4. The shares of Tesla Inc (NASDAQ: TSLA) are up 3.2% in premarket trading, after a U.S. prone found no evidence of autopilot use during an April 2021 fatal crash of a Tesla Model S. Plus, CEO Elon Musk announced plans to reveal his “Master Plan 3.” TSLA has shed 34.5% over the last 12 months.

5. No relevant indicators are on tap today.

European Markets React to Stateside Fed Comments

Asian markets settled on both sides of the aisle Thursday, as investors consider future rate hikes globally. Hong Kong’s Hang Seng led the winners with a 1.6% gain, as several casino stocks enjoying a post-earnings boost. China’s Shanghai Composite followed behind with a 1.2% win, while the South Korean Kospi and Nikkei in Japan fell 0.09% and 0.08%, respectively.

Over in Europe, shareholders are also unpacking the latest Fed comments stateside. The bourses are all higher at midday, with London’s FTSE 100 sporting a 0.7% lead, while the French CAC 40 and German DAX both jump 1.2%.

Wall Street took a step back Wednesday, as investors questioned 2023's profit outlook. In the first quarter of the year, 42 firms listed on the S&P 500 Index have provided negative guidance, while eight have gone positive -- a higher-than-normal share of negative expectations based on the historical average. In response, the Dow and Nasdaq both shed triple digits, while the S&P 500 also settled in the red.

Continue reading for more on today's market, including:

• Retail stock's options pop after earnings.
• Chipotle's quarterly report was worse than expected.
• Plus, analyzing the market climate; Uber's earnings report; and TRIP's double upgrade.

5 Things to Know Today 

1. Here are the biggest economic points from U.S. President Joe Biden's 2023 State of the Union address. (CNBC)
2. Microsoft neared the $2 trillion market cap level once again, as excitement builds regarding the company's OpenAI technology usage. (MarketWatch) 
3. Read this to understand the strange market climate.
4. Uber's impressive quarterly performance.
5. Travel stock earns double upgrade.

Oil, Gold Log Third-Straight Win

Oil prices closed up shop with a third-straight win, as investors continued to bet on higher energy demand. As a result, March-dated crude added $1.33, or 1.7%, to settle at $78.47 per barrel.

Gold prices moved higher for the third-straight session, too, as traders continued to ponder Federal Reserve Chair Jerome Powell's recent remarks. April-dated gold tacked on $5.90, or 0.3%, to settle at $1,890.70 per ounce.

Fortinet Inc (NASDAQ:FTNT) is surging, last seen up 10.6% to trade at $59.53, after the company reported better-than-expected fourth-quarter profits of 44 cents per share. While revenue came in slightly below estimates, the cybersecurity name also issued an upbeat current-quarter and fiscal year revenue forecast. 

At least 16 analysts have raised their price targets in response, including Wells Fargo to $72 from $62. It wasn't all bull notes, though, with Keybanc downgrading the security to "sector weight" from "overweight." Coming into today, 20 of the 29 analysts in coverage called FTNT a "buy" or better, while the 12-month consensus target price of $68.44 is a 14.9% premium to current levels.

As it turns out, Fortinet stock is among the best S&P 500 Index (SPX) stocks to own this month. According to Schaeffer's Senior Quantitative Analyst Rocky White last study, FTNT averaged a return of 8.1% in February in the last 10 years, and finished the month higher nine times. That makes it the second best stock on the list, behind only Enphase Energy (ENPH).

Shares are today trading at their highest level since August, as they are fresh from a bounce off the $52 region and have broken above overhead pressure from the 200-day moving average. So far in 2023, FTNT has added 22.2%. 

Options traders are not sleeping on today's bull gap, with 20,000 calls and 6,028 puts across the tape so far, which is seven times the volume that's typically seen at this point. Most popular is the February 60 call, followed by the 65 call in the same monthly series, with positions being opened at both.

Retail staple and Michael Kors owner Capri Holdings Ltd (NYSE:CPRI) missed fiscal third-quarter top- and bottom-line expectations, sending the shares 26.7% lower this afternoon to trade at $48.59, on track for its worst single-session loss since March 2020.

Options traders are weighing in on the plunge, with 14,000 calls and 9,883 puts traded halfway through today's session -- volume that's 21 times the amount typically seen at this point. New positions are being opened at the five most popular contracts, headed by the February 50 call, indicating these traders are betting on today's losses to be a floor.

The company also cut its annual profit forecast and offered a gloomy outlook for 2024. Capri chalked its dismal results up to a slowdown in demand for luxury handbags and apparel, as target demographics failed to weather decades-high inflation.  

There's a penchant for bearish bets in the options pits, per the stock's 10-day put/call volume ratio of 1.25 at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), which ranks in the 80th annual percentile. In other words, puts have been bought to open over calls at a quicker-than-usual clip.

Not a single analyst has chimed in with a price-target cut or downgrade, which is notable because, of the 14 in coverage, 11 rate Capri stock a "buy" or better,  while the consensus 12-month CPRI price target of $67.17 is a 37% premium to the stock's current perch.