Analyst Calls

• Medtronic (MDT) to buy from neutral and 1-800-Flowers.com (FLWS) to neutral from sell at Goldman.
• CarMax (KMX) to outperform from perform at Oppenheimer.
• Points International (PTSEF) to buy from neutral at Merriman.
• Nokia (NOK) to market perform from underperform at Morgan Keegan.
• Amdocs (DOX) to overweight from equal weight at Barclays.
• Western Alliance (WAL) to outperform from sector perform at RBC Capital.
• Carbo Ceramics (CRR) to outperform from market perform at BMO Capital.
• Rackspace (RAX) to buy from hold at Benchmark Co.
• Brinker (EAT) to equal weight from underweight at Morgan Stanley.

Hartford Financial (HIG - option chain) stock is trading lower today after the US Treasury Department announced it will sell its warrant positions in HIG and Lincoln National (LNC) over the next several weeks. The Treasury initially received these warrants as part of the financial sector bailout program. This news is sending both stocks significantly lower as traders expect these sales will create bearish pressure on the stock. If you think this stock won't be rising too far in the coming months, then it could be a good time to look at a bearish hedged play on HIG.

This morning, HIG opened at $22.19. So far today the stock has hit a high of $22.22 and a low of $21.51. As of 12:30, HIG is trading at $21.94, down $0.51 (-2.3%). The chart for HIG looks bullish and S&P gives HIG a positive 4 STARS (out of 5) buy ranking.

"Berkshire Hathaway's Warren Buffet is a disciple of the teachings of Benjamin Graham and David Dodd, who made their fortunes by buying businesses that were selling for less than the value of their working capital (current assets minus current liabilities," notes Vita Nelson.

The editor of The Moneypaper explains, "The pair developed a Net Current Asset Value (NCAV) model to determine if a company was worth its market price. Their formula subtracts all liabilities, including short-term debt and preferred stock, from a company's current asset balance"

Hartford Financial Services (NYSE: HIG) is scheduled to step into the earnings spotlight right after Tuesday's closing bell, with the insurance issue releasing its final third-quarter figures. Analysts are expecting Hartford to report a profit of $1.11 per share, according to Thomson Reuters, representing a dramatic reversal from its year-ago loss of $1.40 per share.

Hartford has a mixed history on the earnings front, with the company exceeding consensus expectations in two of the previous four reporting periods -- and falling short of Wall Street's predictions during the other two quarters. On the plus side, sector peer Lincoln National (NYSE: LNC) recently released a stronger-than-expected third-quarter report, which could bode well for Hartford.

MetLife (NYSE: MET) closed at $29.41. MET is speaking at the Wachovia Securities 19th Annual Mid-Year Equity Conference on June 23. MET July option implied volatility of 70 is below a level of 82 from mid-May and below its 26-week average of 92, according to Track Data, suggesting decreasing price movement.

Prudential Financial (NYSE: PRU) closed at $36.15. PRU July option implied volatility of 61 is below a level of 93 from mid-may and below its 26-week average of 111, according to Track Data, suggesting decreasing price movement.

MOST NOTEWORTHY: O'Reilly Automotive, Corning and Lincoln National were today's noteworthy downgrades:

• William Blair downgraded O'Reilly Automotive (NASDAQ: ORLY) to Market Perform from Outperform following weak Q1 results, citing the potential for further downward EPS revisions.
  
• Thomas Weisel downgraded Corning Inc. (NYSE: GLW) to Market Weight from Overweight citing balanced risk/reward given the backdrop of a maturing LCD penetration and generational upgrade cycle, and the challenging environment.
  
• Wachovia downgraded Lincoln National Corp. (NYSE: LNC) to Market Perform from Outperform as they believe the weak Q1 market weakness will impact profitability.

OTHER DOWNGRADES:

• Smith International (NYSE: SII) was cut to Perform from Outperform at Oppenheimer.
  
• Delphi Financial (NYSE: DFG) was downgraded at Friedman Billings to Market Perform from Outperform.
  
• CIBC downgraded Biovail (NYSE: BVF) to Sector Performer from Sector Outperformer.

MOST NOTEWORTHY: Total SA, HLTH Corp, Aflac First Solar and Town Sports were today's noteworthy upgrades:

• Citigroup upgraded Total SA (NYSE: TOT) to Buy from Hold following the company's Q3 results. JP Morgan upgraded shares to Overweight from Neutral, as they believe the company's Q3 results underlined the strength of exploration and production growth prospects versus peers.
  
• Friedman Billings raised its rating on HLTH Corporation (NASDAQ: HLTH) to Outperform from Market Perform following the company's proposal to merge into WebMD Health Corp (NASDAQ: WBMD) for a combination of cash and stock.
  
• The firm also added shares of Aflac (NYSE: AFL) to its Top Picks List, as they believe Aflac is the only high quality, defensive growth story in the Life Insurance sector.
  
• CIBC upgraded shares of First Solar (NASDAQ: FSLR) to Sector Outperformer from Sector Performer following the Q3 upside and set a $230 target on the stock.
  
• Banc of America upgraded shares of Town Sports (NASDAQ: CLUB) to Neutral from Sell on valuation as they believe the downside risk is now priced into the stock.

OTHER UPGRADES:

• Credit Suisse upgraded Nortel Networks (NYSE: NT) to Neutral from Underperform.
  
• Merrill upgraded Lincoln National (NYSE: LNC) to Buy from Neutral.
  
• Tyson Foods (NYSE: TSN) was raised to Market Perform from Underperform at Wachovia.