Nike shares ticked up 2% in premarket trading on Wednesday after Apple CEO Tim Cook bought nearly $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 $58.97 each, according to a regulatory filing published on Tuesday.
Nike shares were trading at $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% since it reported results on December 18.
Cook now holds about 105,000 shares in Nike, as of December 22, the filing showed.
—Aishwarya Venugopal, Reuters