Nike shares ticked up 2 percent 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 percent since it reported results on December 18.
Cook now holds about 105,000 shares in Nike, as of December 22, the filing showed.
By Aishwarya Venugopal
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