Nike Shares Rally as Apple CEO Tim Cook Doubles Personal Stake
Nike stock surged 4.64% to close at $60.00 following news that Apple CEO Tim Cook purchased an additional $3 million worth of shares, nearly doubling his personal stake to approximately $6 million. The move, disclosed in a regulatory filing, marks the largest open-market purchase by a Nike director or executive in over a decade.
Investors interpreted Cook's increased position as a vote of confidence in Nike's turnaround strategy, sparking after-hours trading momentum. Despite the bullish signal, Nike shares remain under long-term pressure amid broader market challenges.