eBay Surges While Rest of the Net Takes a Rest

The Net sector was flat to lower following Thursday's Nasdaq 5000 excitement.
Publish date:

The Net sector was flat to lower Friday following Thursday's sharp rally in tech stocks.

TheStreet.com Internet Sector

index was off 1 at 1332. The

Nasdaq Composite Index

, whose push past

5000 sparked a 3.5% jump in Net stocks Thursday, was up 32 at 5079.


(CNET) - Get Report

edged down 4, or 6%, to 64 7/8 on an announcement that CEO Halsey Minor would step down to pursue an

Internet incubator project. Vice Chairman Shelby Bonnie was named CEO, while Minor will continue as chairman.

The sector's bellwethers were mostly lower, led by


(AMZN) - Get Report




, both off around 3%. Internet incubator



was off 3 7/8, or 3%, at 141 1/2 despite better-than-expected second-quarter results. CMGI said Thursday evening it expected to sell shares of its


portal unit in April.

E-commerce was getting a boost from reports regarding


(EBAY) - Get Report

. The auctioneer's stock was up 17 3/8, or 10%, at 199 7/8 after the company said would consider a partnership with




(FDX) - Get Report


Some gains came from smaller Net names. Recent new issue



got a boost from

Credit Suisse First Boston

, which started coverage with a buy rating. The e-consultancy, which went public on Feb. 11, was up 4 1/2, or almost 7%, at 73.

Credit Suisse First Boston also started coverage of e-learning company



, with a strong buy and a price target of 28. Lightspan was up 2 3/8, or 11%, at 24 1/4.


(RMBS) - Get Report

shares were up 45 35/64, or 12%, at 425 on news that the board of the chipmaker had approved a 4-for-1 stock split.

Quest Software


was also up on news of a 2-for-1 stock split and a 4.2 million-share secondary offering, which was priced at 140 a share. The stock was up 18 1/2, or 13%, at 161 3/4.