Facebook Inc. (FB) - Get Report , Amazon.com Inc. (AMZN) - Get Report , Apple Inc. (AAPL) - Get Report , Netflix Inc. (NFLX) - Get Report , and Alphabet Inc. (GOOGL) - Get Report , otherwise known as the FAANG group of stocks, all traded in the red Thursday as the market began a correction of the recent runup in tech sector stocks. 

Alphabet shares fell 2.4%, Netflix shares dropped 2.1%, Amazon shares declined 1.5%, Facebook shares lost 1.4% and Apple shares fell 1.5%. The Technology Select Sector SPDR ETF (XLK) - Get Report was down nearly 2%. 

The tech sector ETF has gained 14% year to date and nearly 28% over the past 12 months. Tech stocks have been outperforming the market and investors used Thursday's session to initiate a slight correction.

What's Hot On TheStreet

Happy birthday iPhone: Apple's (AAPL) - Get Report iPhone turns 10 years old today! What an amazing product Steve Jobs and his team created. But, as TheStreet's Natalie Walters points out, the next five years for Apple could be radically different. Sales could well be boosted by new, non-iPhone products such as smart glasses and autonomous car technologies. Walters also mentions that iPhone demand may peak in 2019.

Blue Apron falters: Blue Apron (APRN) - Get Report plans an initial public offering on Thursday seeking a valuation of about $2 billion. That's down significantly from a $3.2 billion valuation it had previously hoped to achieve. In the public sphere, the New York-based meal kit delivery service's IPO comes at an unsettling time, points out TheStreet's Ron Orol, as the markets begin to digest Amazon Inc.'s (AMZN) - Get Report mega $13.4 billion acquisition of Whole Foods Market Inc. (WFM) . Moreover, investors have questioned Blue Apron's business model -- it hasn't turned a profit since 2012 due to rising marketing and distribution costs.

Regulators outsmarted: With questions swirling whether its combination would get approved by regulators, Walgreens Boots Alliance (WBA) - Get Report and Rite-Aid (RAD) - Get Reportstruck a clever deal on Thursday. Walgreens will pay $5.175 billion to Rite-Aid in cash and receive 2,186 stores in return. Walgreens will also pay Rite-Aid a $325 million termination fee for its planned buyout of the company.

Walgreens will be an even bigger drug-selling beast, with more than 15,000 stores spanning 11 countries. As for Rite-Aid, it will be left with about 2,300 stores once the deal closes in six months.

Facebook, Apple, Alphabet and Walgreens Boots Alliance are holdings in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells FB, AAPL, and GOOGL and WBA? Learn more now.

More of What's Trending on TheStreet:

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  • Walgreens and Rite-Aid Just Laughed in the Face of Regulators, Strike One Clever New Deal
  • Here's Why Amazon Could Feast on the Remaining Carcass of Rite Aid After Failed Walgreens Merger
  • Walgreens Punches One of Its Biggest Rivals in the Face With This Surprising New Deal

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