Apple CEO Tim Cook bought nearly $3 million shares 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.
Nike stock, which was up 0.2% Tuesday to $57.34, gained another 1.8% in after-hours trading to $58.35. Nike shares are down about 25% this year and are below where they stood 10 years ago, as the sneaker maker struggled to get back on track.
The shares gained more than 2% in overnight trading.
Nike shares fell over 10% in the wake of the profit report for the company’s second fiscal quarter ending in November last week.
