Tech stocks: Sprint slides after downgrade

Shares of wireless carrier Sprint are down 3% on the first day of trading in the New Year, after receiving a stock downgrade from an analyst at firm Cowen and Company.

Investor's Business Daily reports Sprint stock has been shifted from an "outperform" rating to "market perform." Analyst Colby Synesael questions the company's upside as its owner, Softbank, reportedly prepares to bid for rival carrier T-Mobile.

Sprint shares nearly doubled in value during the second half of 2013, which saw Softbank complete its acquisition of the carrier in a $21 billion deal.

Meanwhile, the most watched tech stocks of the last few weeks -- Twitter -- is starting 2014 positively. Shares are up nearly 2%, trading at $65.

Follow Brett Molina on Twitter: @bam923.