NEW YORK (TheStreet) -- Shares of NXP Semiconductors NV (NXPI) are higher by 2.66% to $68.74 in pre-market trading on Friday, as the Dutch chip-maker joins with Apple Inc. (APPL) to add secure near-field communications technology to the next iPhone, Financial Times reports.
The technology will allow iPhone users to pay by touch and connect wirelessly to other devices by tapping them together.
Apple is expected to reveal the latest iPhone model at a recently announced special event to be held in Cupertino, CA on September 9.
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Separately, TheStreet Ratings team rates NXP SEMICONDUCTORS NV as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:
"We rate NXP SEMICONDUCTORS NV (NXPI) a BUY. This is driven by a number of strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, notable return on equity, impressive record of earnings per share growth, compelling growth in net income and good cash flow from operations. We feel these strengths outweigh the fact that the company has had generally high debt management risk by most measures that we evaluated."