Activision Moving Higher On Facebook Partnership Rumor

is best known for developing and publishing the 'Call of Duty' series, among many other hit franchises, saw its stock trade higher by more than 3 percent on no new news releases. Market participants were buying Activision Blizzard's stock following unconfirmed market chatter that the company is teaming up with

to develop video games for its

Oculus Rift headset device.

Meanwhile, analysts at Hilliard Lyons downgraded Activision Blizzard's stock rating to a long-term Buy from Buy but placed a $40 price target.