NEW YORK (TheStreet) -- Shares of Qualcomm (QCOM) - Get Report were rising 7.05% to $67.95 on heavy trading volume mid-Thursday afternoon as the semiconductor company is in discussions to acquire chipmaker NXP Semiconductors (NXPI), the Wall Street Journal reports, citing sources.

A deal could be reached within the next two to three months and may value NXP at over $30 billion, according to the sources.

Qualcomm, which is based San Diego, is still looking at other takeover options, the Journal notes.

NXP shares are surging 18.35% to $97.32 in mid-afternoon trading on Thursday. More than 4.41 million shares traded hands so far today vs. its 30-day average volume of 2.75 million shares.

Over 9.23 million Qualcomm shares have changed hands so far today, higher than its 30-day average volume of 7.11 million shares.

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Separately, TheStreet Ratings objectively rated Qualcomm 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 articles's author.

TheStreet Ratings rated this stock as a "buy" with a ratings score of B.

The company's strengths can be seen in multiple areas, such as its increase in net income, revenue growth, largely solid financial position with reasonable debt levels by most measures, solid stock price performance and attractive valuation levels. We feel its strengths outweigh the fact that the company shows weak operating cash flow.

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

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