Nike shares jump 5% after Apple CEO Tim Cook doubles personal stake that's now worth $6M

Core Insights - Tim Cook, CEO of Apple, purchased approximately $3 million worth of Nike shares, increasing his stake in the company and indicating confidence in Nike's turnaround strategy under CEO Elliott Hill [1][2] - Following the announcement of Cook's purchase, Nike's shares rose by 5% [1] - Cook's acquisition of 50,000 shares at $58.97 each is noted as the largest open market stock purchase by a Nike director or executive in over a decade [2] Company Performance - Nike has reported weaker quarterly margins and declining sales in China, despite efforts by CEO Hill to boost demand through new marketing strategies and innovation [3][4] - The company's margins have been under pressure for over a year, and its stock has decreased nearly 13% since the results were announced on December 18, indicating ongoing challenges [4] - Nike's shares were trading at $60.19 on Wednesday, reflecting a trend of declines over the past four years [4] Strategic Moves - CEO Elliott Hill is focusing on reviving Nike's market position by phasing out underperforming lifestyle brands and strengthening relationships with wholesalers like Dicks Sporting Goods [3] - Tim Cook has been closely involved with Nike's strategic decisions, including advising on key appointments such as Hill's [6][8] - Other board members, including former Intel CEO Robert Swan, have also made significant stock purchases, indicating confidence in the company's future [8]