Tuesday's Winners & Losers: Apple

Apple's(AAPL Quote - Cramer on AAPL - Stock Picks) stock was up $7.20, or 4.3%, to $174.64, helped in part by AT&T's(T Quote - Cramer on T - Stock Picks) announcement that it will offer the iPhone without a contract at $599 for the 8-GB iPhone or $699 for the 16-GB version.

AT&T's move put pressure on Sprint Nextel(S Quote - Cramer on S - Stock Picks), which fell 67 cents, or 7.1%, to $8.83.

Sandisk(SNDK Quote - Cramer on SNDK - Stock Picks) lost $1.06, or 5.7%, to $17.64. An analyst at Pacific Crest cut his second quarter and fiscal 2008 estimates for the company.

The NAND industry is seeing excessive supply that has sent prices downwards, said Kevin Vassily in a research note. Sandisk may also be contemplating a round of layoffs, signaling the company expects the weakness to last beyond the second quarter, he added.

Modine Manufacturing(MOD Quote - Cramer on MOD - Stock Picks) was rocketing 8.4% to $13.41 after it was upgraded to buy from hold by KeyBanc Capital Markets. Analyst Andrew DeAngelis said: "We believe that Modine shares have found a bottom and now represent an attractive investment proposition." Operating out of Racine, Wisc., Modine is an auto parts manufacture specializing in thermal management systems.

Taking on losses was Mindspeed Technology(MSPDD Quote - Cramer on MSPDD - Stock Picks), which fell 9.6% to $3.98. The semiconductor solutions supplier, based out of Newport Beach, Calif., completed a 1-for-5 reverse stock split on Monday. On Tuesday, Mindspeed began trading on a split-adjusted basis.