Tech Winners & Losers: EMC

Tech stocks were mostly up Wednesday boosted by strong earnings reports from sector giant AT&T(T - Cramer's Take - Stockpickr) and storage maker EMC(EMC - Cramer's Take - Stockpickr).

EMC was up $1.11, or 8.9%, to $13.57 after it beat analysts' expectations for the second quarter. The company earned $377.5 million, or 18 cents a share, for the quarter vs. $334.4 million, or 16 cents a share a year ago. Excluding charges, EMC earned 24 cents a share, 7 cents higher than consensus. Revenue grew 18% to $3.67 billion and was above Street expectations.

AT&T gained $1.54, or 4.8%, to $33.36 after it reported strong second-quarter growth in its wireless and broadband divisions though revenue fell short of expectations.

Net income rose to $3.8 billion from $2.9 billion the year before. Excluding expenses, AT&T said it earned 76 cents a share, matching analysts' estimates. Revenue was up 4.7% to $30.9 billion but fell short of the $31.1 billion consensus.

Wireless communications services company NII Holdings(NIHD - Cramer's Take - Stockpickr) added $4.68, or 9.9%, to $52.05 after it reported second-quarter profit up by 85%.

The company posted net income of $155.2 million or 88 cents per share, vs. $84.1 million, or 47 cents a share a year ago. Revenue rose 40% to $1.1 billion. Analysts polled by Thomson Financial had been expecting earnings of 64 cents a share on revenue of $1.05 billion.

Shares of Apple(AAPL - Cramer's Take - Stockpickr) were up $4.30, or 2.6%, to $166.32 following AT&T's comments around strong demand for the company's newly launched 3G iPhone. Apple shares are also recovering from the decline following the company's third-quarter results Monday where weak guidance and concerns around CEO Steve Jobs' health took a toll on the company's stock.