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NEW YORK (TheStreet) -- Shares of NXP Semiconductors (NXPI) - Get NXP Semiconductors NV Report  were up in late-afternoon trading on Thursday as Qualcomm (QCOM) nears an agreement to purchase the semiconductor company, sources told Bloomberg. 

Qualcomm stock was trading higher this afternoon as well. 

An all-cash deal between $110 and $120 per share could be announced as soon as next week, Bloomberg reports.

NXP is scheduled to report third-quarter results after the market close on October 26, while Qualcomm is set to report fourth-quarter results after the market close on November 2. 

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(NXPis held in Jim Cramer's charitable trust Action Alerts PLUS. See all of his holding with a free trialhere.)

Separately, TheStreet Ratings team rates the stock as a "buy" with a ratings score of B-.

NXP's strengths such as its robust revenue growth, good cash flow from operations, expanding profit margins, solid stock price performance and largely solid financial position with reasonable debt levels by most measures outweigh the fact that the company has had sub par growth in net income.

You can view the full analysis from the report here: NXPI

TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.

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