Food delivery service Blue Apron Holdings slashed its valuation expectations by 35% due to Amazon.com Inc.'s (AMZN - Get Report) purchase of Whole Foods Market Inc. (WFM) . 

The company said that it now expects to debut on the stock market between $10 and $11 per share, down from its previous view between $15 and $17. That guidance gives a new valuation of $2.08 billion, down from $3.2 billion. Blue Apron is scheduled to debut on the New York Stock Exchange Thursday. 

Amazon announced the $13.7 billion purchase of Whole Foods earlier this month, pairing its own extensive online delivery network with Whole Foods' network of 400 brick and mortar stores. 

Amazon shares were down 2% to $974.59 on Wednesday morning. 

What's Hot On TheStreet

The stock market may be overvalued: Now may be the time to pay extra attention to red-hot tech stocks such as Apple (AAPL - Get Report) and Facebook (FB - Get Report) . As TheStreet first reported Tuesday afternoon, asset valuations are somewhat "rich" by standard metrics, Federal Reserve Chair Janet Yellen said in London during a conversation about economic issues with British Academy President Lord Nicholas Stern. Yellen's comments on equity valuation and bank strength closely mirrored Fed Vice Chairman Stanley Fischer's from an IMF event held earlier in the day.

The iPhone has changed how you make money: TheStreet's Scott Gamm is out with a piece that will really get you thinking. Apple's iPhone will turn 10 years old on Thursday. The device not only turned Apple into one of the world's most valuable companies, helping to boost its stock price more than 700%, it also changed the way we invest and trade stocks Gamm points out.

In fact, the original iPhone -- and the current versions -- have an internal stocks app, allowing users to check the broader market indexes and individual stock prices. Having this in your pocket was a big deal 10 years ago.

"I think it's actually made the life for a typical investor much easier," Angelo Zino, an analyst with CFRA Research, told TheStreet. "I think they've been able to tap news flows much quicker."

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

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