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Markets dip on first day of trading in 2014; upgrades and downgrades drive stocks: Apple, Sprint, Urban Outfitters, Bank of America

After a banner year for U.S. stocks in 2013, markets fell sharply on the first day of trading of 2014 following weakness in Europe and China. Today's broad market declines marked the first time stocks started the year in the red since 2008. The benchmark Dow Jones Industrial Average (^DJI) shed 135 points, or 0.81%, while the broader S&P 500 (^GSPC) dropped 0.88% to 1,832.02.

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It's been a day of upgrades and downgrades for stocks. Apple (AAPL) fell nearly 1.5% after it was downgraded by Wells Fargo to market-perform from outperform because of concerns over growth to the computer giant's gross margin.

Sprint Corp. (S) slipped 3% after it was downgraded to market perform from outperform by Cowen & Co., though the price target was increased to $8.25 from $7.50.

Urban Outfitters (URBN) climbed nearly 2% after it was upgraded to buy from hold by Jeffries saying it sees a turnaround story for the clothing retailer.

Bank of America (BAC) jumped nearly 3.5% after it was upgraded to buy from neutral by Citigroup Inc. who also raised the price target to $19 from $16.

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