Shares of Western Digital Corp (WDC) are taking a hard hit Wednesday, falling 5.5% in early trading. New reports suggest that Western Digital may not be in the front-running to land Toshiba's (TOSYY) coveted flash storage business. Instead, a group of buyers -- which includes Bain Capital, Apple Inc (AAPL) , Dell and Seagate Technologies (STX) -- could land the more-than $18 billion deal.

Western Digital is in the hard-drive business and the flash storage business, the latter of which has become rather noteworthy, thanks to the company's acquisition of SanDisk, TheStreet's Jim Cramer said on CNBC's "Mad Dash" segment Wednesday.

Recent reports suggested that WDC would win the Toshiba business, which caused its stock to spike into the low-$90s, only to fall on Wednesday on reports that this isn't the case, Cramer reasoned.

There's still a chance Western Digital could land the flash business from Toshiba, although the odds do not look as good. If it were to pull it off, shares would go to $100, said Cramer, who also manages the Action Alerts PLUS charitable trust portfolio.

Apple is a holding in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells AAPL? Learn more now.

However, should WDC not buy the flash business, the downside should be limited in WDC stock, Cramer said. That's because the numbers still look good for Western Digital with or without Toshiba's flash business, he explained.

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At the time of publication, Cramer's Action Alerts PLUS had a position in AAPL. 

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