E-Finance Stocks Stumble Over Schwab

TheStreet.com E-Finance index was down after Morgan Stanley cut its rating on Charles Schwab.
Publish date:

eDisasters? iNsanity? Nope. Just a Quiet Friday.

TheStreet.com Internet Sector

index was pretty even, off 3.06 to 720.16.

TheStreet.com E-Commerce

index was down, off 1.81 to 108.37.

TheStreet.com E-Finance

index, however, was last seen with a bar of soap and a towel because it was taking a bath, off 1.36, or 2.7%, to 63.57.

The biggest losers in the sector were



, off 1 1/4, or 4.5%, to 26 7/16;

TeleBanc Financial


, off 1 5/16, or 4.6%, to 25 15/16; and

National Discount Brokers


, off 13/16, or 3.0%, to 26 3/16.

Much of the sector's stumble is due to the news that

Morgan Stanley


Charles Schwab


to neutral from outperform. Schwab, something of a bellwether among the e-financiers, led the losers with a fall of 2 11/16, or 7.5%, to 33 1/16.

Most of the Net's heavy-hitters were off early, fueling speculation that today is the day for profit-taking, especially after



phenomenal run-up early in the week. Yahoo! has given back a bit of that gain, falling 3 11/16 to 186. Bellwethers

America Online




(AMZN) - Get Report

were both off. The former was down 1 1/2 to 117, while the latter was off 2 to 85 1/16.



fell 2 5/8, or 2.3%, to 110 3/8.

Overall, there's little news to report. Aside from Schwab's cut, the only other news before the bell comes from online retailer

Preview Travel


, which promoted

Bruce Carmedelle

to CFO. Preview was off 1 3/4, or 4.7%, to 35.