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Analyst downgrades Activision after 9-year run

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Cowen dropped its rating for video game developer Activision Blizzard after a nine-year, 600 percent run.

The firm downgraded the company's shares to market perform from outperform. Activision Blizzard is known for such games as "Call of Duty."

Cowen cited Activision Blizzard's new e-sports league for its game "Overwatch." The league is slated to launch Dec. 6 with 12 teams.

Analyst Doug Creutz said the league is the first attempted from scratch by a publisher, and therefore may perform worse than expected.

Read more from CNBC.

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