NFLPA reportedly backs union head Lloyd Howell Jr. amid collusion scandal, union's reported involvement in covering it up
In a memo that was leaked to multiple NFL reporters Sunday, the NFLPA's executive committee "categorically" rejected reports "insinuating doubts within this committee" or that it had asked Howell to step down from his role as executive director.
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From the leaked memo:
'As members of the NFLPA Executive Committee, we categorically reject false reports insinuating doubts within this committee or suggestions that we have asked our Executive Director to step down. We further reject attempts to mischaracterize the committee's views or divide our membership.
"We have established a deliberate process to carefully assess the issues that have been raised and will not engage in a rush to judgement. We believe in and remain committed to working with our Executive Director and other members of NFLPA staff and player leadership who have a shared mission to advance the best interests of players. As we approach the 2025 season, we look forward to continuing our important work together and ensuring the strength and unity of our association.'
The memo was issued in the wake of multiple explosive reports regarding alleged organized efforts from NFL leadership and owners to stifle guaranteed pay in player contracts.
Reports: NFLPA helped conceal details of alleged NFL collusion
In June, journalist Pablo Torre uncovered a 61-page ruling by arbitrator Christopher Droney that previously was not made public and whose details had reportedly been withheld from NFL players by the NFLPA.
Droney's ruling determined that league executives including commissioner Roger Goodell urged team owners to reduce guaranteed player compensation in the wake of a $230 million fully guaranteed contract between the Cleveland Browns and quarterback Deshaun Watson.
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In his ruling, Droney determined that the NFLPA showed "by a clear preponderance of the evidence" that Goodell and NFL general counsel Jeff Pash urged teams to reduce guaranteed money in player contracts.
'There is little question that the NFL Management Council, with the blessing of the Commissioner, encouraged the 32 NFL Clubs to reduce guarantees in veterans' contracts at the March 2022 annual owners' meeting," Droney's ruling reads, per Torre.
In spite of that conclusion, Droney ruled in favor of the NFL, declaring that he could not prove by a "clear preponderance" that NFL teams acted on that advice. Since Watson's deal, multiple high-level quarterbacks including two-time league MVP Lamar Jackson, have signed contracts that did not come with fully guaranteed money.
What the NFLPA reportedly hid from players
On July 9, ESPN reported that the players' union worked in tandem with the league to hide crucial details of the arbitration ruling from players, including Droney's conclusion that NFL management "encouraged the 32 NFL Clubs to reduce guarantees in veterans' contracts."
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Instead, per the report, Howell informed players of the broad strokes of the ruling, including that Droney ultimately ruled in favor of the NFL. Why Howell and the NFLPA would have done this is not clear.
From the ESPN report:
"Howell informed the committee that the NFLPA had lost its collusion grievance but did not share any details of Droney's findings or share copies of the ruling with the players. Instead, he blamed his predecessor, DeMaurice Smith, for wasting resources on the three-year legal battle."
Reported conflict of interest for Howell emerges
Placing Howell under further scrutiny, ESPN reported on July 10 that Howell is working as a part-time consultant for the Carlyle Group, an NFL-approved private equity firm seeking minority ownership in NFL franchises. The report exposes a clear conflict of interest for the man in charge of representing players in negotiations with league owners.
"It would be an outrageous conflict for the head of a labor union to have an interest in a third party that is aligned with the NFL," former NFLPA counsel Jim Quinn told ESPN. "The relationship between a labor organization and the employer organization is adversarial by definition, and as a result, as a leader, you have to be absolutely clear and clean as to having no even appearance of conflict."
Since those reports, Torre reported that a Change.org petition has circulated among NFLPA staff and NFL players calling for Howell's resignation from the NFLPA. It's not clear who organized the petition or if any players or NFLPA staff members had signed it.
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Howell has not publicly addressed any of the reports since they've been published and declined comment to ESPN regarding the Carlyle Group report.
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The company reported net sales of $3.2 billion, nearly in line with analysts' expectations of $3.19 billion. Kellanova, which spun off from the Kellogg Company in 2023, is awaiting completion of its takeover by Mars for $36 billion. Mars' acquisition of the company is expected to close at the end of 2025. Read more here. Kellanova (K) missed Wall Street estimates for second quarter profit on Thursday as demand softened for snacks and ready-to-eat breakfast items. "Demand softness in most of our categories did not improve as much as we had hoped," CEO Steve Cahillane said about the quarter, per Reuters. Kellanova reported adjusted profit of $0.93 per share in the quarter, missing market expectations of $0.99, according to data compiled by LSEG. The company reported net sales of $3.2 billion, nearly in line with analysts' expectations of $3.19 billion. Kellanova, which spun off from the Kellogg Company in 2023, is awaiting completion of its takeover by Mars for $36 billion. Mars' acquisition of the company is expected to close at the end of 2025. Read more here. Mastercard says consumer remains healthy, beats on earnings Consumer spending remains fundamentally healthy despite macroeconomic uncertainty, Mastercard (MA) executives said on its second quarter earnings call Thursday. The total value of transactions that Mastercard processed rose 9% during the quarter, while cross-border volume, which tracks spending on cards outside their country of issue, jumped 15%. The credit card data echoed that of Visa (V) in pointing to continued consumer appetite for travel and leisure. Adjusted earnings per share of $4.15 beat Wall Street estimates of $4.03 per share, according to LSEG data. Net revenue rose 17% to $8.1 billion, topping estimates of $7.97 billion. For the full year, Mastercard expects consumer spending to hold up for the rest of the year and tightened its outlook for net revenue to the high end of its previous guidance — with growth in the low teens. Read more here from Reuters or listen to the earnings call here. Consumer spending remains fundamentally healthy despite macroeconomic uncertainty, Mastercard (MA) executives said on its second quarter earnings call Thursday. The total value of transactions that Mastercard processed rose 9% during the quarter, while cross-border volume, which tracks spending on cards outside their country of issue, jumped 15%. The credit card data echoed that of Visa (V) in pointing to continued consumer appetite for travel and leisure. Adjusted earnings per share of $4.15 beat Wall Street estimates of $4.03 per share, according to LSEG data. Net revenue rose 17% to $8.1 billion, topping estimates of $7.97 billion. For the full year, Mastercard expects consumer spending to hold up for the rest of the year and tightened its outlook for net revenue to the high end of its previous guidance — with growth in the low teens. Read more here from Reuters or listen to the earnings call here. Roblox raises annual bookings forecast as viral hits spur spending boom Roblox's (RBLX) daily active users rose 41% in the second quarter to cross 100 million, the company reported on Thursday. Roblox stock soared 19% in premarket trading. Roblox also raised its forecast for annual bookings in the third quarter to $1.59 billion to $1.64 billion. Bookings for the second quarter came in at $1.44 billion, beating market estimates of $1.24 billion. Reuters reports that the company has been investing in search and discovery features that allow greater visibility for viral games like "Grow a Garden." Roblox also aims to diversify its revenue beyond gaming by turning the platform into a hub for socializing, commerce, and advertising. The platform saw a boost in engagement during the quarter, with engaged hours up 58% to 27.4 billion. Read more here. Roblox's (RBLX) daily active users rose 41% in the second quarter to cross 100 million, the company reported on Thursday. Roblox stock soared 19% in premarket trading. Roblox also raised its forecast for annual bookings in the third quarter to $1.59 billion to $1.64 billion. Bookings for the second quarter came in at $1.44 billion, beating market estimates of $1.24 billion. Reuters reports that the company has been investing in search and discovery features that allow greater visibility for viral games like "Grow a Garden." Roblox also aims to diversify its revenue beyond gaming by turning the platform into a hub for socializing, commerce, and advertising. The platform saw a boost in engagement during the quarter, with engaged hours up 58% to 27.4 billion. Read more here. Bristol Myers posts better-than-expected second quarter results on strength of top sellers Bristol Myers Squibb (BMY) reported strong sales of its bestselling drugs Eliquis and Opdivo, which boosted overall second quarter results. Revenue rose 1% to $12.3 billion. Analysts were expecting revenue to fall to $11.4 billion due to the loss of some patents. Earnings for the company were $1.46 per share, above the $1.07 per share result expected. Shares rose about 3% in premarket trading. Reuters reports: Read more here. Bristol Myers Squibb (BMY) reported strong sales of its bestselling drugs Eliquis and Opdivo, which boosted overall second quarter results. Revenue rose 1% to $12.3 billion. Analysts were expecting revenue to fall to $11.4 billion due to the loss of some patents. Earnings for the company were $1.46 per share, above the $1.07 per share result expected. Shares rose about 3% in premarket trading. Reuters reports: Read more here. CVS beats Wall Street estimates in Q2, marking turnaround for pressured stock Yahoo Finance's Anjalee Khemlani reports: Read more here. Yahoo Finance's Anjalee Khemlani reports: Read more here. 'Epic' boost drives Comcast's quarterly results Reuters reports: Read more here. Reuters reports: Read more here. Carvana posts higher quarterly profit on record car sales Online used-car seller Carvana's (CVNA) strong second quarter results and outlook defied Wall Street's expectations, sending its shares up over 15% in premarket trading Bloomberg reports: Read more here. Online used-car seller Carvana's (CVNA) strong second quarter results and outlook defied Wall Street's expectations, sending its shares up over 15% in premarket trading Bloomberg reports: Read more here. BMW sticks with guidance despite profit drop, Trump's tariffs German carmaker BMW ( maintained its full-year guidance on Thursday despite President Trump's tariffs. The company's quarterly earnings also dropped by a third, arguing that its large manufacturing presence in the country gives it an edge over rivals. Reuters reports Read more here. German carmaker BMW ( maintained its full-year guidance on Thursday despite President Trump's tariffs. The company's quarterly earnings also dropped by a third, arguing that its large manufacturing presence in the country gives it an edge over rivals. Reuters reports Read more here. AB InBev shares slide on concern over sales volumes Beer giant Anheuser-Busch InBev (BUD) stock slumped more than 9% before the bell on Thursday after reporting that its second quarter sales volumes fell more than expected due to weak demand in Brazil and China, adding to investor worries over industry growth and hitting its shares. Reuters reports: Read more here. Beer giant Anheuser-Busch InBev (BUD) stock slumped more than 9% before the bell on Thursday after reporting that its second quarter sales volumes fell more than expected due to weak demand in Brazil and China, adding to investor worries over industry growth and hitting its shares. Reuters reports: Read more here. Profit-taking in Robinhood The only problem I see in Robinhood's (HOOD) earnings numbers out last night is that the market had them priced in! Robinhood's stock has been on fire, so I think what we are seeing in the minor premarket pullback is classic profit-taking. A couple good points on this from Bernstein's Gautam Chhugani this morning: Check ou y recent chat with Robinhood co-founder & CEO Vlad Tenev for more context. Tenev will also be a featured speaker at our November Invest conference. The only problem I see in Robinhood's (HOOD) earnings numbers out last night is that the market had them priced in! Robinhood's stock has been on fire, so I think what we are seeing in the minor premarket pullback is classic profit-taking. A couple good points on this from Bernstein's Gautam Chhugani this morning: Check ou y recent chat with Robinhood co-founder & CEO Vlad Tenev for more context. Tenev will also be a featured speaker at our November Invest conference. Qualcomm on the move lower Qualcomm's (QCOM) not playing in the big-cap tech stock euphoria this morning led by Microsoft (MSFT) and Meta (META) post earnings. Its shares are down 6% premarket. The company's earnings late Wednesday were fine. But the Street is calling out a few things that are giving the bears the win, for now. This note from HSBC's Ryan Mellor this morning captures it all nicely: Qualcomm's (QCOM) not playing in the big-cap tech stock euphoria this morning led by Microsoft (MSFT) and Meta (META) post earnings. Its shares are down 6% premarket. The company's earnings late Wednesday were fine. But the Street is calling out a few things that are giving the bears the win, for now. This note from HSBC's Ryan Mellor this morning captures it all nicely: This is remarkable on Meta Meta (META) is rocking premarket to the tune of 12% after a monster quarter. Got to love the market ignoring this capex stuff in the earnings release below and focusing in on Meta's revenue trends (strong): "We currently expect 2025 capital expenditures, including principal payments on finance leases, to be in the range of $66-72 billion, narrowed from our prior outlook of $64-72 billion and up approximately $30 billion year-over-year at the mid-point. While the infrastructure planning process remains highly dynamic, we currently expect another year of similarly significant capital expenditures dollar growth in 2026 as we continue aggressively pursuing opportunities to bring additional capacity online to meet the needs of our artificial intelligence efforts and business operations." Bottom line: bull market... carry on! Meta (META) is rocking premarket to the tune of 12% after a monster quarter. Got to love the market ignoring this capex stuff in the earnings release below and focusing in on Meta's revenue trends (strong): "We currently expect 2025 capital expenditures, including principal payments on finance leases, to be in the range of $66-72 billion, narrowed from our prior outlook of $64-72 billion and up approximately $30 billion year-over-year at the mid-point. While the infrastructure planning process remains highly dynamic, we currently expect another year of similarly significant capital expenditures dollar growth in 2026 as we continue aggressively pursuing opportunities to bring additional capacity online to meet the needs of our artificial intelligence efforts and business operations." Bottom line: bull market... carry on! Microsoft earnings call: A quick take A bit of a sleepy earnings call from Microsoft (MSFT) after the close, filled with the typical tech jargon from CEO Satya Nadella. Bottom line is this: Azure sales crushed, and there were zero signs of peaking AI demand. That should be good enough for the bulls. "We expect stock to trade up given continued large Azure growth beats and a positive AI trajectory even with continued capacity constraints. We think this also bodes well for other AI infrastructure names in our coverage (Oracle (ORCL), Coreweave (CRWV)," Citi analyst Tyler Radke said. A bit of a sleepy earnings call from Microsoft (MSFT) after the close, filled with the typical tech jargon from CEO Satya Nadella. Bottom line is this: Azure sales crushed, and there were zero signs of peaking AI demand. That should be good enough for the bulls. "We expect stock to trade up given continued large Azure growth beats and a positive AI trajectory even with continued capacity constraints. We think this also bodes well for other AI infrastructure names in our coverage (Oracle (ORCL), Coreweave (CRWV)," Citi analyst Tyler Radke said. Arm announces it will develop own chips, forecast fails to impress Chip architecture provider Arm Holdings (ARM) announced it will invest in making its own chips, marking a major shift to its model of licensing chip blueprints to other companies. Reuters reports: Revenue increased 14% during the quarter to $1.05 billion, coming in just shy of Wall Street's estimates. Earnings per share were $0.35, in line with estimates. Arm expects current-quarter revenue between $1.01 billion and $1.11 billion, disappointing investors hoping for a greater artificial intelligence boost. Shares fell 8% after the market close on Wednesday. Rad more here. Chip architecture provider Arm Holdings (ARM) announced it will invest in making its own chips, marking a major shift to its model of licensing chip blueprints to other companies. Reuters reports: Revenue increased 14% during the quarter to $1.05 billion, coming in just shy of Wall Street's estimates. Earnings per share were $0.35, in line with estimates. Arm expects current-quarter revenue between $1.01 billion and $1.11 billion, disappointing investors hoping for a greater artificial intelligence boost. Shares fell 8% after the market close on Wednesday. Rad more here.
