NEW YORK ( TheStreet) -- Activision Blizzard (ATVI - Get Report) was the big gainer in pre-market trading on Friday after the company announced an $8.2 billion deal to split from parent company Vivendi.
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.
Zynga (ZNGA - Get Report) shares, however, tumbled 16.57% to $2.92 as investors responded to the company's weaker-than-expected guidance, released with its second-quarter results on Thursday. Investors also reacted negatively to the firm's decision to move away from real money gaming in the U.S."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. Expedia (EXPE - Get Report) was another laggard, plunging 23.31% to $49.85 on share volume of 651,821. The online travel site missed Wall Street's top and bottom line estimates when it reported its second-quarter results after market close on Thursday. Shares of Facebook (FB - Get Report), which trounced Wall Street's second-quarter estimates on Wednesday, slipped 1.51% to $33.84. Amazon (AMZN - Get Report), which reported a second-quarter miss on Thursday, was off 1.42% to $299.09. --Written by James Rogers in New York. Follow @jamesjrogers >To submit a news tip, send an email to: email@example.com.