Samsung Enlists Spotify and Fortnite to Fend Off Apple
*By Michael Teich*
Samsung is partnering with Spotify and Fortnite to boost slumping smartphone sales and maintain its lead over Apple.
The leading smartphone maker unveiled the new $1,000 Galaxy Note 9, and announced the viral, battle royale video game's first Android version will be available exclusively on Samsung devices. The deal may appeal to the game's 125 million players and encourage them to buy the new phone instead of Huawei or Apple devices.
Samsung is hoping the new Galaxy Note 9 will do better than the Galaxy S9, which slumped, allowing smartphone rivals to catch up. Samsung's second-quarter shipments fell 11 percent from a year earlier to 70.8 million units, according to IHS Markit. With a similar price tag to Apple's iPhone X, Samsung's new phone is going after the same high-end market.
In addition to gamers, Samsung is hoping music lovers will opt for the Galaxy Note 9 by making Spotify its go-to music partner. Samsung will integrate the Spotify app into its Smart TVs and speakers, and will make it available when customers set up their new phones.
For more on this story, [click here](https://cheddar.com/videos/first-look-at-the-new-samsung-galaxy-note-9).
U.S. stocks closed Thursday at their lowest levels of the trading day, as investors continue to eye inflation ahead of the May CPI report out Friday. Art Hogan, Chief Market Strategist for National Holdings, joins Cheddar News' Closing Bell to discuss.
U.S. markets opened sharply lower on Friday on hotter-than-expected inflation data. The May CPI showed an 8.6% jump in consumer prices year-over-year, higher the expected 8.3%. Mark Howard, Senior Multi-Asset Specialist at BNP Paribas joined Cheddar's Opening Bell to discuss.
U.S. stocks closed Friday at session lows after May CPI data showed inflation in the U.S. has not peaked and is still rising rapidly. For the week, the S&P fell 5.06%, the Dow lost 4.58%, and the Nasdaq dropped 5.60%, marking the worst week since January for all three major indexes. Mike Zigmont, Head of Trading and Research at Harvest Volatility Management, joins Cheddar News' Closing Bell to discuss.
Benefits brokerage, Nava Benefits, raised $40 million in a Series B round. Nava says it's on a mission to fix healthcare, one benefits plan at a time. The startup is working to bring benefits to small business that are normally available to only Fortune 500 companies. Brandon Weber, Co-Founder and CEO of Nava Benefits, joined Cheddar News' Closing Bell to discuss.
The electric vehicle maker filed a proposal for a three-for-one stock split, increasing the accessibility of shares for investors for a stock trading at around $700 a share. The move comes not long after tech giant Amazon announced a 20-for-one split. The number of authorized shares rises from two billion to six billion. It was also revealed that board member Larry Ellison does not intend to stand for reelection as it pertains to Tesla.
President Biden proposed a new rule that would add 500,000 chargers for electric vehicles nationwide. The proposal comes amid the rapid shift to EVs with dozens of automakers announcing plans for all-electric fleets within the next decade. But with the new surge will the U.S. have the proper infrastructure to keep up? Scott Painter, founder and CEO of Autonomy.com joined Cheddar's Opening Bell to discuss. "I really think the idea of standardization is a big deal. Standardization certainly makes it much better for everybody to be able to get a charge when they need one," he said.