Wednesday's Tech Winners & Losers

The Nasdaq 100 was up about 13 points, to about 1945, boosted in part by Apple(AAPL Quote - Cramer on AAPL - Stock Picks). The iPod and iPhone maker climbed 2.5% after Tuesday's selloff on rumors of a cut in iPhone production, following Citigroup's upgrade of the stock to buy from hold.

The tech sector, however, also had some precipitous drops.

TTM Technologies(TTMI Quote - Cramer on TTMI - Stock Picks) plummeted 18.6% after reporting a shrinking second-quarter profit after the prior bell. The printed circuit board maker earned $6 million, or 14 cents a share, compared to $10.6 million, or 25 cents a share in the year-ago period. The company also forecast third-quarter results below Wall Street's expectations. It sees revenue of between $160 million to $168 million and earnings of between 14 cents and 20 cents a share. Analysts polled by Thomson Financial expect earnings of 21 cents a share on revenue of $170.2 million. Shares fell $2.42 to $10.62.

Software maker SumTotal Systems(SUMT Quote - Cramer on SUMT - Stock Picks) swooned 23.8% after Brean Murray downgraded it to hold from buy after a disappointing earnings report. While the company narrowed its loss form a year ago, results still fell short of analysts' estimates. The company lost $1.5 million, or 5 cents a share, on revenue of $30.2 million, compared to Reuters' forecast of 8 cents a share on revenue of $30.7 million. Shares fell $1.84 to $5.90.

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