Yes there is a second.Unfortunately it doesn't bring back the previous star (ashton kutcher) to reprise his role.Instead they have a new character cursed with this strange time-bending power.
As far as continuity and logic go,this is a SHITTY plot development, like being able to bend time is a disease that you can catch from someone else?Makes it that much harder for the viewer to suspend their disbelief in order to fully enjoy the spectacle.