Activision, Zynga, Expedia: Tech Pre-market
NEW YORK (TheStreet) -- Activision Blizzard
The Santa Monica, Calif.-based firm will buy back around 429 million shares from Vivendi for $5.83 billion, or $13.60 a share. An investor group led by Activision CEO Bobby Kotick and Co-Chairman Brian Kelly will also purchase approximately 172 million Activision shares from Vivendi for $2.34 billion, or $13.60 a share.
Activision shares climbed 16.27% to $17.65 before market open. The video game giant was also one of the most active pre-market Nasdaq stocks on share volume of 2,130,039.
"Investors have been closely watching the potential for Zynga in real money gaming," wrote Arvind Bhatia, an analyst at Sterne Agee, in a note released on Friday. "Bulls have argued this opportunity is large and is a reason to own the stock."
Bhatia, however, says the move could mean greater focus on Zynga's core business, potentially positive in the long term. The analyst has a "neutral" rating on Zynga.
The social gamer was also the most active pre-market Nasdaq stock on share volume of 3,828,208.
Shares of Facebook
--Written by James Rogers in New York.
>To submit a news tip, send an email to: email@example.com.