Apple’s Tim Cook doubles stake in Nike

Apple chief Tim Cook bought shares worth about $3 million in Nike, a move that nearly doubled his personal stake in the sportswear maker and signalled confidence in the turnaround strategy laid out by CEO Elliott Hill.

- JUVERIA TABASSUM NICHOLAS P. BROWN

People walk by the window display of a Nike shoe store in Beijing in August.

(REUTERS)

Shares of the company closed 4.6% higher on Wednesday after a regulatory filing showed that Cook, who has been on Nike's board since 2005, bought 50,000 shares at $58.97 each.

As of Dec 22, he held about 105,000 shares, according to the filing released on Tuesday.

It was the largest open market stock purchase for a Nike director or executive and possibly the largest in more than a decade, said Jonathan Komp, analyst at Baird Equity Research.