Nike shares gained ground in premarket trading on Wednesday following news that Apple CEO Tim Cook acquired nearly $3 million worth of the company’s stock.
According to a regulatory filing released on Tuesday, Cook purchased 50,000 shares of Nike at $58.97 per share. As of December 22, he now holds approximately 105,000 shares in the sportswear giant.
Cook, who has been a member of Nike’s board of directors since 2005 and serves as its lead independent director, made the investment amid a challenging period for the company. The buy comes shortly after Nike reported weaker-than-expected quarterly margins and sluggish sales in China on December 18, a disclosure that led to a nearly 13% decline in its share price since then.
In response to the news of Cook’s purchase, Nike shares rose 2% in premarket trading on Wednesday, with the stock trading at $58.49.No statements from Cook or Nike regarding the motivation behind the purchase were included in the filing or related reports.
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