Net Stocks Stage a Mild Retreat as CNet Slides

Recent IPO Crayfish also faced selling pressure, dropping 35%.
Publish date:

Net stocks ended a momentous week on a slightly blue note as a high-profile IPO took a big hit and several bellwether stocks sold off mildly.

The day after it burst through the

5000 barrier, the

Nasdaq Composite Index

closed Friday up 1.78 at 5049. Internet Sector

index, meanwhile, slipped 13, or 1%, to close at 1320.

Net bellwether

(AMZN) - Get Report

closed down 1 15/16, or 3%, at 66 7/8, while



closed down 5 3/16, or 3%, at 178 1/16 and



closed down 2 5/16, or 4%, at 59 1/16.

The big news of the day was


(CNET) - Get Report

announcement that Halsey Minor would step down and Vice Chairman Shelby Bonnie would be named CEO, with Minor continuing as chairman. CNet closed down 1 1/8, or 2%, at 67 3/4 after hitting an intraday low of 63 1/2.


, the Internet grocery service that braved the IPO waters Friday with backing by

Morgan Stanley Dean Witter

despite ill will toward e-commerce stocks, had a moderate debut, closing up 2 1/8, or 18%, at 14 1/8, after an intraday high of 16 1/4, or 35% above its 12 offer price. Competitors






, which have struggled since their IPOs, slipped fractionally, closing at 8 3/8 and 11 13/16, respectively.

A hot IPO took a heavy hit Friday.



, the Japanese email service that soared more than 400% on its Nasdaq debut on Wednesday, received a slew of sell-orders on the

Tokyo Stock Exchange's

new tech-heavy


board, where it was listed Friday. U.S. investors responded by driving the stock down 46 1/16, or 35%, to close at 85 15/16. (

covered the

deal last week.) "The deal was completely overhyped in the U.S., and Japan was not as enthusiastic," explains Vinnie Slavin, a sales trader for

Cantor Fitzgerald

who tracks IPOs. "Japanese investors were trading for a flip. If people in Japan don't believe in what it was priced at, then why should they believe in it here?" Slavin doesn't have holdings in Crayfish.

A handful of companies benefited from coverage and upgrades.


(DELL) - Get Report

, which


upgraded to buy from attractive, and set a 12-month price target of 78, closed up 13/16, or 2%, at 51 1/4 after reaching an intraday high of 54 1/32.



reached an intraday high of 175, and closed up 6, or 4%, at 164 9/16 after

SG Cowen

started coverage with a buy rating.

Nextlink Communications


shot up 14 15/16, or 14%, to close at 123 5/16, after

Donaldson Lufkin & Jenrette

raised its rating to top pick from buy.