Nike's stock is on the rise - it was bought for nearly $3 million by Tim Cook
The head of Apple invested in Nike securities amid the company's weak reporting and a drop in its stock price in December
Shares of athletic apparel maker Nike rose 2.2 percent in the Dec. 24 premarket after Apple CEO Tim Cook bought nearly $3 million worth of the sports retailer's securities, Reuters reported.
Cook, who has served on Nike's board since 2005 and is the company's top independent director, bought 50,000 shares of the sports retailer's stock at $58.97 apiece, according to a regulatory filing released Dec. 23. They were worth $58.63 at the premarket Wednesday, Dec. 24.
According to the documents, Cook owned approximately 105,000 shares of Nike stock as of Dec. 22.
Context
The deal comes just days after Nike reported a 3 percentage point drop in gross margin in the second quarter of fiscal 2026, which ended Nov. 30, a 3 percentage point decline in inventory - mostly due to higher duties - and weak sales in China.
Since the publication of the reports on December 18, the company's shares have fallen in price by almost 13%. However, despite this, Jefferies analysts at the end of December named Nike the best choice in the sector of sportswear manufacturers for 2026. Experts paid attention to the company's performance in North America, where the sportswear maker expects moderate growth in the next quarter.
According to MarketWatch, of the 38 analysts tracking Nike securities, most of them advise buying them: the company has 25 Buy and Overweight ratings. Another 11 analysts recommend holding the securities in the portfolio, and only two suggest selling.
This article was AI-translated and verified by a human editor
