NEW YORK (TheStreet) -- Shares of NXP Semiconductors NV (NXPI) are higher by 3.02% to $68.98 in early afternoon trading on Friday, as the stock continues a gain it began in pre-market trading.
The Dutch chip-maker is reportedly working with Apple (AAPL) in order to bring its secure near-field communications technology to the next iPhone, the Financial Times reports.
With NXP Semiconductors' help, iPhone users will be able to connect wirelessly to other devices just by taping them together.
NXP Semiconductors' near-field communication chips will also allow consumers to use the iPhone to pay by touch when connected with payment terminals or ticketing systems, the Times added.
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."