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.
TheStreet.com Internet Sector
index, meanwhile, slipped 13, or 1%, to close at 1320.
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
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
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. (
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
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.
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
started coverage with a buy rating.
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.