Following a disappointing quarterly report, Nike shares experienced a notable decline of around 13%. However, the situation improved after Apple CEO Tim Cook announced the acquisition of 50,000 shares at a price of $58.97 each, bringing his total to 105,480 shares. This purchase, which occurred on December 22, was revealed in a recent filing on Nike’s investor website and contributed to a subsequent rebound in stock value.
The stock price increased by approximately 5% at market open following the news of Cook's investment. Cook has been a member of Nike's board since 2005 and assumed the position of lead independent director in 2016 after Phil Knight's retirement. His recent purchase is noted as the largest open market stock acquisition by a Nike director or executive in over a decade, signaling confidence in CEO Elliott Hill and the company's strategic direction.
Additionally, a second filing disclosed that Bob Swan, the former CEO of Intel, acquired 8,791 shares, raising his stake to 43,293 shares. Analysts view these moves as a positive signal amid the company's recent challenges.