Activision Blizzard, Inc. (NASDAQ: ATVI), which 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 Facebook Inc (NASDAQ: FB) to develop video games for its recently released Oculus Rift headset device.

$ATVI chatter they may partner with $FB to develop games for Oculus — Open Outcrier (@OpenOutcrier) March 30, 2016

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