NXP Semi (NXPI) Falling On Rumor NFC Won't Be Part of Apple (AAPL) iPhone 5

March 14, 2011 8:14 AM EDT
NXP Semiconductors NV (NASDAQ: NXPI) shares are down 4 percent in premarket trade on Monday, after rumors surfaced that the company's NFC technology will not be a part of Apple Inc.'s (NASDAQ: AAPL) next iPhone.

The Independent in the U.K. reported that Apple recently held meetings where it disclosed that the NFC will not be a part of the next iPhone.

NFC technology could allow users to use their iPhone as an electronic wallet, letting users authorize transactions without credit card.

Apple had been rumored in January to be finalizing NFC technology for both the iPhone 5 and iPad 2, but the latest model of the company's tablet did not include NFC.

The report indicated that Apple is still hopeful that NFC will be a part of the sixth-generation iPhone, which should be out in the summer of 2012 if Apple continues its one-year refresh cycle.

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