First Hour Biggest Stock Movers (BBY, MSFT, AIG)

Shares of Best Buy Co., Inc. (NYSE:BBY) is one of the most active blue-chip stock movers on Tuesday after the company lifted its full-year forecast, that topped analysts’ estimates.

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The company said it now expects its earnings to be $3.55 to $3.70 for the current fiscal year, 10 cents higher than its previous guidance. Analysts currently estimate the company to report $3.34 a share.

During the second quarter, the company earned $254 million, or 60 cents a share, compared to $158 million, or 37 cents, a year-ago quarter.

Revenue grew about 6% to $11.34 billion from $11.02 billion.

Analysts were expecting the company to report earnings of 44 cents a share on sales of $11.6 billion in the second quarter.

Shares of Best Buy climbed 6% to $36.72 in the opening session on heavy volume.

Microsoft Corporation (NASDAQ:MSFT) fell 0.29% to $25.04 after late Monday there was report saying that the company may come out with debt issue in order to fund dividends as well as finance share buybacks because a significant portion of its cash is held overseas.

The company is estimated to raise as much as it can without jeopardizing its AAA debt rating, according to Bloomberg News, citing a person familiar with the matter.

Microsoft Corporation is engaged in developing, manufacturing, licensing and supporting a range of software products and services for different types of computing devices.

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Today, Wall Street Journal reported that American International Group, Inc. (NYSE:AIG) is in negotiations with U.S. officials to formulate a plan in order to seep up the insurer's exit from government ownership.

The report also said that the exit plan could be paid out as early as first half of the next year. As per the plan, the Treasury department may convert $49 billion in AIG preferred shares it owns into common shares.

"Our objectives remain the same: to repay taxpayers and position AIG over time as a strong, independent company worthy of investor confidence," an AIG spokeswoman told the Journal.

American International Group, Inc. (AIG), is a holding company, which through its subsidiaries, is engaged primarily in a range of insurance and insurance-related activities in the United States and abroad.

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