NFL and NFLPA Battling Over Opt-Out Clause During COVID-19

Author:
Video Rating:
TV-Y
Video Duration:
4:29

Sports and Business News: 7/8

NFL Players Want Opt-Out Clause, Owners Say NO WAY

The NFL and NFL Players Association came to an agreement on the league's health and safety protocol for Training Camp. According to Pro Football Talk, it bans the use of saunas and steam rooms, puts rules into place for team meetings, and limits each team to just two fan events. The agreement also mandates all players and team personnel maintain six feet of separation in all locker-rooms, workout rooms, and if unable to have virtual meetings, then masks are required.

The league and the Players' Association have yet to agree on allowing players to opt-out of the season due to health concerns over the coronavirus as we’ve seen with dozens of NBA players. According to Pro Football Talk, the Players' Union argues there shouldn’t be an additional penalty besides forfeiting base salaries, but the NFL team owners don't want opt-outs at all. 

Casinos On Tilt

The owner of Circus Circus casino in Las Vegas filed a federal lawsuit against AIG Speciality Insurance Company for refusing to cover losses due to the coronavirus pandemic. According to the Las Vegas Review-Journal, this is Circus Circus’ owner Phil Ruffin second lawsuit against AIG. An attorney for Ruffin said, 

“AIG relies on sleight-of-hand, distortions of fact and contortions of law to escape from Circus Circus’s covered claim.” 

According to the lawsuit, Circus Circus policy covers $500 million for physical or property loss and $97 million for loss of business income.

Apple Stock Hits All Time High

Apple shares hit a new all-time high of $380 a share Wednesday. Even in the midst of supply chain and demand headwinds for iPhones in the pandemic environment, the stocks is up 26% year-to-date. 

So how has the stock run-up so much?

First off, demand trends are stabilizing for iPhones. Secondly, the 5G cycle, excluding more virus-related headwinds, is expected by analysts to reach near pre-virus estimates in terms of volume and pricing by the end of the year. This should be a multi-year cycle of strong demand for the new devices. Plus, in the stay-at-home environment, some analysts are now looking for roughly 30% year-over-year growth in Apple's high-margin and promising services segment on a sustained basis. That’s up from a pre-COVID estimate of about 20% growth. Recently, analysts have been in revise-upward mode. We’re talking about pretty impressive valuation expansion here, at a time when investors are looking for growth stocks in an uncertain environment anyway.

As for the broader market and the virus, new daily cases hit 60,000, according to Johns Hopkins data. Stocks were led by big tech Wednesday, while economically sensitive ones were falling. Investors see fiscal stimulus as something that can overpower these headwinds, but on days when case counts really jump, the market seems to get a little spooked. 

TheStreet's Jacob Sonenshine contributed to this report.