Nike climbs as Apple’s Tim Cook buys US$3 million in stock

[NEW YORK] Nike shares ticked up 2 per cent in premarket trading on Wednesday (Dec 24) after Apple CEO Tim Cook bought nearly US$3 million worth of the sportswear maker’s stock.

Cook, who has served on Nike’s board since 2005 and is its lead independent director, bought 50,000 shares at US$58.97 each, according to a regulatory filing published on Tuesday.

Nike shares were trading at US$58.49 on Wednesday.

The purchase comes just days after Nike reported weaker quarterly margins and sluggish sales in China. Its shares have slumped nearly 13 per cent since it reported results on Dec 18.

Cook now holds about 105,000 shares in Nike, as of Dec 22, the filing showed. REUTERS