Apple CEO Tim Cook Buys $3 Million of Nike Shares

[MacRumors]

Apple CEO Tim Cook disclosed a roughly $3 million open-market purchase of Nike shares this week (via Reuters).

According to a regulatory filing published yesterday, Cook purchased 50,000 Class B shares of Nike on December 22 at an average price of $58.97 per share, for a total investment of approximately $2.95 million. The filing shows that Cook now holds about 105,000 Nike shares, a position valued at nearly $6 million.

Nike shares rose following the disclosure, gaining between about 2% and 5% in premarket and early regular-session activity, after the stock had fallen sharply in the days following the company's most recent earnings report, which highlighted ongoing challenges in its business, particularly in China. Nike is currently in the early stages of a turnaround effort under CEO Elliott Hill, who returned to the company last year after retiring.

Cook has served on Nike's board of directors since 2005 and is its lead independent director, a role he assumed in 2016 after Nike co-founder Phil Knight stepped down as chairman. In addition to his position at Apple, Cook also chairs Nike's compensation committee, placing him in a central governance role at the apparel maker. The December 22 transaction represents Cook's largest open-market purchase of Nike shares in years and comes at a time when the company is under pressure from investors following a prolonged decline in its stock price.

Article Link: Apple CEO Tim Cook Buys $3 Million of Nike Shares

 

[I7guy]

Tim Cook is all over the place. The disparaging labeling at Macrumors is so short sided.

 

[BigJohno]

Time to BUY BUY BUY!

 

[Plutonius]

Now that he's leaving Apple, the shoe is on the other foot 🙂.

 

[Apple Knowledge Navigator]

His broker asked him if he was sure.

So Tim said: Just do it.

 

[Nyx1]

Apple just do it

 

[citysnaps]

Does anyone really care? If so, why?

Wealthy people routinely make large stock purchases. Not unusual.

 

[firewood]

Putting "skin in the game". But only a dandruff flake's portion compared to his full net worth.

 

[firstcitazen]

I was thinking of a similar purchase, though I'm a bit short

 

[fatTribble]

That’s funny. I just bought $3 million of Nike stock too! 🤭

 

[ghanwani]

Doesn't mean anything. He has been buying all the way down. A lot of American brands are being shunned. These are going to be challenging times for US corporations that have so far benefited from globalization and depended on financial engineering.

 

[sw1tcher]

.... the stock had fallen sharply in the days following the company's most recent earnings report, which highlighted ongoing challenges in its business, particularly in China.

I could see Tim Cook using his Chinese-influence and connections to help Nike out. Maybe do a product partnership with Nike again to help their sales.

 

[AppleMega]

Cool. Groceries are 9-17% higher (depending on region) than a year ago, but cool. Live it up, Tim!

 

[minik]

That’s funny. I just bought $3 million of Nike stock too! 🤭

Stock or socks?

 

[Madhatter32]

Frankly, I could not care less about Tim Cook's personal investment portfolio. I assume he buys plenty of Geritol too but I really do not need to know about it.

 

[sw1tcher]

Cook has served on Nike's board of directors since 2005 and is its lead independent director, a role he assumed in 2016 after Nike co-founder Phil Knight stepped down as chairman. In addition to his position at Apple, Cook also chairs Nike's compensation committee, placing him in a central governance role at the apparel maker.

Does anyone really care? If so, why?

Wealthy people routinely make large stock purchases. Not unusual.

Tim Cook sits on Nike's board. He has insight into how Nike's business and its turnaround effort is progressing. You could say that this stock purchase is a vote of confidence in Nike's CEO and in Nike's future.

 

[bmark]

Cool. Groceries are 9-17% higher (depending on region) than a year ago, but cool. Live it up, Tim!

What does grocery prices have to do with Tim Cook?

 

[DocMultimedia]

Should've bought a few shares yesterday. Oh well. AAPL still keeping me happy, especially if they'd once again give a decent dividend hike. Not good the past two years.

 

[HouseLannister]

Tim Cook sits on Nike's board. He has insight into how Nike's business and its turnaround effort is progressing. You could say that this stock purchase is a vote of confidence in Nike's CEO and in Nike's future.

What's the difference between insight and insider trading?

 

[I7guy]

What's the difference between insight and insider trading?

The legalities of it and jail time.

 

[EvilEvil]

Tim must know something we don't. Nike's sneaker styles haven't been so great in the past few years.

 

[tonywalker23]

Just wish I could buy a pair of those Nike Tim Cook shoes that were in a keynote earlier this year.

 

[Downundermac]

Fittingly, our walkies obsessed heading dog puppy just walked past with one of my Nike runners after I click baited.

 

[LV426]

I was tempted to buy $3M of Nike stock myself. But then I realised I don't have $3M to spare and I got to thinking about the kind of wages those Asian factory workers are paid.

 

[tridley68]

He must have got a stock tip from his buddy .