Apple CEO Tim Cook bought $3 million worth of Nike shares, nearly doubling his stake and signaling confidence in CEO Elliott Hill’s turnaround plan.
Apple CEO Tim Cook, whose recent Nike share purchase boosted investor confidence in the sportswear maker (Photo: File)
WASHINGTON: Apple chief Tim Cook bought shares worth about $3 million in Nike, a move that nearly doubled his personal stake in the sportswear maker and signaled confidence in the turnaround strategy laid out by CEO Elliott Hill. Shares of the company closed 4.6% higher on Wednesday after a regulatory filing showed that Cook, who has been on Nike's board since 2005, bought 50,000 shares at $58.97 each.
As of December 22, he held about 105,000 shares, according to the filing released on Tuesday. It was the largest open market stock purchase for a Nike director or executive and possibly the largest in more than a decade, said Jonathan Komp, analyst at Baird Equity Research. "(We see) Cook's move as a positive signal for the progress under CEO Elliott Hill and Nike's 'Win Now' actions," Komp said.
