Nike shares jump 5% after Apple CEO Tim Cook doubles personal stake that's now worth $6M [Yahoo! Finance]
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Source: Yahoo! Finance
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 Dec. 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. The purchase comes days after Nike reported weaker quarterly margins and weak sales in China even as CEO Hill tries to revive demand through fresh marketing plans and innovation focused on running and sports, while phasing out lagging lifestyle brands. He has also attempted to mend Nike's ties with wholesalers such as Dicks Sporting Goods to increase visibility among shoppers amid stiff competition from newer bra
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