NEW YORK (TheStreet) -- Shares of Apple Inc. (AAPL) are up 0.32% to $102.58 in pre-market trade after it was reported that the company is working with Dutch chipmaker NXP (NXPI) to add secure short-range wireless technology into the next iPhone, enabling new pay-by-touch capabilities in the latest bid for the smartphone to replace the wallet, the Financial Times reports.
Several people familiar with Apple's plans say NXP will provide the secure near-field communications chips that will allow an iPhone to connect with payment terminals or ticketing systems, as well as opening up the possibility for other applications in the "internet of things", the Times said.
Must Read: 50 Stocks Hedge Funds Love
TheStreet Ratings team rates APPLE INC as a Buy with a ratings score of A+. TheStreet Ratings Team has this to say about their recommendation:
"We rate APPLE INC (AAPL) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, notable return on equity, expanding profit margins and solid stock price performance. Although no company is perfect, currently we do not see any significant weaknesses which are likely to detract from the generally positive outlook."