Nike Shares Surge on Tim Cook’s $3M Stock Purchase
Nike shares rallied sharply during Wednesday's shortened trading session, buoyed by Apple CEO Tim Cook's strategic acquisition of $3 million in company stock. The purchase signals strong institutional confidence in Nike's ongoing turnaround efforts under CEO Elliot Hill.
Cook's investment—executed at $58.97 per share—represents a near-doubling of his Nike position. The transaction carries particular weight given Cook's 20-year tenure on Nike's board and Apple's status as a global brand leader. Market participants interpreted the MOVE as a bullish signal, propelling Nike to the top of S&P 500 gainers with a 4.5% surge.
Despite the day's rally, Nike remains down 20% year-to-date. The athleticwear giant continues executing a multi-year restructuring plan that management claims is showing progress, though investors await more concrete financial results.
