Thursday's trading session marked another brutal blow to investors, with the S&P 500 falling 3.75% and the Dow tumbling 4.15%. So perhaps it's no surprise that investors weren't in a buying kind of mood.

However, that doesn't explain why nobody wants to scoop up Activision Blizzard (ATVI - Get Report) stock. Shares are trading at $65.75, flat so far in Friday's trading session. 

The company reported record fourth-quarter revenue, as its Call of Duty: WWII game led the charge. After racking up $500 million in its first weekend of sales, the game maintained momentum through the holiday season. Despite its late-launch, the game was the industry's top seller for 2017.

Net bookings surged to $7.16 billion, up impressively from the $6.6 billion in the same quarter one year ago. A big deal for the bulls has always been cash flow, and record annual operating cash flow of $2.2 billion surely didn't disappoint.

Need more ammunition? How about the stock breaking out over multi-month resistance near $67? After finally pushing through, Activision stock raced higher, nearly tagging $75 before the broad market decline pulled it back down.

On earnings day Thursday (reported after the close), ATVI stock fell below $66, down more than 5% for the session. This was likely due to the decline in Take-Two Interactive Software (TTWO - Get Report) , which reported earnings Wednesday.

But for the stock to fail in at least recapturing its losses from the day prior after a record fourth-quarter report is surprising to many. After all, many herald Activision as a best-in-breed company for the industry.

With that said, there are still believers.

Baird analyst Colin Sebastian reiterated his outperform rating and bumped his price target to $80 from $75. The new target suggests more than 21% upside from current levels. The company has "solid digital momentum," he said, arguing that there weren't any big negative surprises in the quarter. Further, the company's eSports ramp, led by its Overwatch league, will take place in the second half of this year.

Activision Blizzard woke up a bit at the end of the session, ending Friday at $67.08, up 1.9%. 

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This article is commentary by an independent contributor. At the time of publication, the author had no positions in the stocks mentioned.