Apple CEO Tim Cook Buys $3 Million of Nike Shares. The Stock Is Rising.

Apple CEO Tim Cook went shopping for Nike stock. (David Paul Morris/Bloomberg)

Key Points

• Tim Cook, Nike’s lead independent director, purchased 50,000 shares of Nike stock for nearly $3 million after a disappointing earnings report.
• Cook’s recent acquisition brings his total holdings in Nike to over 105,000 shares, valued at more than $6 million.
• Nike’s stock has declined 20% this year and fell over 10% after its second fiscal quarter profit report.

Apple CEO Tim Cook bought nearly $3 million worth of depressed Nike stock following the company’s disappointing earnings report last week.

Cook, who is the lead independent director of Nike and a board member since 2005, bought 50,000 shares of Nike stock on Monday at an average price of $58.97, according to a form 4 filing with the Securities and Exchange Commission late Tuesday.

Cook now holds just over 105,000 shares of the footwear maker, worth more than $6 million at Wednesday’s stock price. Shares were up 5.2% at $60.31 in Wednesday trading.

Robert Swan, another Nike director, bought about $500,000 of stock on Dec. 22 at an average price of $57.54. Swan is a former Intel CEO and now an Operating Partner at Andreessen Horowitz.

Nike stock is down 20% this year as the sneaker maker has struggled to get back on track. The stock is also below where it stood 10 years ago.

Nike shares fell over 10% in the wake of the profit report for the company’s second fiscal quarter ending in November last week.

Inside Scoop is a regular Barron’s feature covering stock transactions by corporate executives and board members—so-called insiders—as well as large shareholders, politicians, and other prominent figures. Due to their insider status, these investors are required to disclose stock trades with the Securities and Exchange Commission or other regulatory groups.

Write to Andrew Bary at andrew.bary@barrons.com