Tim Cook Buys Nike Stock At Bear-Market Extremes [zero hedge]
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Source: zero hedge
Tim Cook Buys Nike Stock At Bear-Market Extremes Apple CEO Tim Cook bought another tranche of Nike shares in the open market, according to new insider filings. The purchase comes after roughly four years of share-price declines, with shares trading below Covid-era prices and at 2017 levels, pressured by softer demand in China and mixed channel trends in North America. Cook made his second purchase of Nike shares this year, buying $2.95 million worth, equivalent to 50,000 Class B shares, at a weighted average price of $58.97 on Monday. In total, Cook owns 100,000 shares and has been on a buying spree in the four-year bear market. Cook has been buying Nike shares since 2014 (mostly purchases late in the year). Looking back at Cook’s share purchases during the four-year bear market, the stock did not sustain an upward trend immediately afterwards. Still, Bloomberg noted that shares were up about 2% in premarket trading on the news. It’s important to note that sentiment around Nike shares
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