NEW YORK (CNNfn) - A vaccine may have been discovered for dot.com IPO fever, as investors continued to shy away from Pets.com after its much-anticipated debut.|
Pets.com (IPET: Research, Estimates), which started trading on Friday after spending millions of dollars on Super Bowl advertisements, fell a further 2-1/32 to close 8-31/32, below its offering price of 11.
But despite the indifferent reception to the stock, Pets.com CEO Julie Wainwright told CNNfn that things are looking good for the online retailer.
"We have a great brand; we're executing well," Wainwright said. "I would say the wind's at our backs now."
Wainwright stressed that the Pets.com sock puppet, its marketing icon, is one of the company's main strengths, creating a recognizable brand in under three months of national advertising.
She also noted that a development deal with Amazon.com would also strengthen Pets.com's position in the face of upcoming competition from other pet supply retailers, and is perfect for the company's philosophy of capturing those already online. (268K WAV or 268K AIFF)
Wainwright told CNNfn that what sets Pets.com apart is the availability of pet-related information which can't be easily found offline.
New plans for Pets.com include the shipping of live fish, more "human wear" featuring the ubiquitous sock puppet and expansion into the United Kingdom.