Shares of the FANG stocks, Facebook (FB - Get Report) , Amazon (AMZN - Get Report) , Netflix (NFLX - Get Report) and Alphabet (GOOGL - Get Report) all closed lower on Wednesday, as the large tech stocks extend a recent stretch of losses.
In the past five trading sessions, shares of Alphabet are lower by more than 3.8%, shares of Facebook are lower by more than 2.7%, Netflix's stock is down over 8.6%, and shares of Amazon are lower 3.75%.
Those stocks have accounted for two-fifths of the S&P 500's gains this year, John Stoltzfus, chief investment strategist at Oppenheimer, said. That's "reason enough we'd think for some investors to take a little money off the table in the tech space," he wrote in a note.
What's Hot on TheStreet
Amazon car dealer talk won't go away: This news continues to spread around the globe, probably sparking fear in the minds of all used car sales people. As TheStreet reported this week, Amazon has reportedly taken early steps to become an online car dealership in Europe, this according to a German trade weekly called Automobilwoche. The German newspaper cites Christoph Moeller, an industry specialist, as saying he has been placed in charge of the company's European business with car makers. Amazon is said to be planning to run that business out of Luxembourg and is eyeing the U.K. as its possible first market.
Step aside Starbucks: Panera Bread (PNRA) continues to impress on so many fronts. On Tuesday, Panera Bread announced that it has exceeded $1 billion in digital sales. TheStreet reports that the "Amazonization" of fast food continues.
Apple and cars: TheStreet dives deep into Apple's (AAPL - Get Report) car ambitions. To be sure, this is a story that is only just starting to play out. Companies from Ford F to Uber should be closely planning for Apple's aggression in the auto space over the next five years.
About Uber: Uber's investors continue to back the embattled ride-sharing company, according to TheStreet's sources.