Nike runs on Wall Street, Tim Cook buys shares for $3m

(Il Sole 24 Ore Radiocor) - Nike gained ground on Wall Street after Apple CEO Tim Cook bought shares worth about $3 million. The apparel giant's stock trades in positive territory in a half-hearted session for the New York stock exchange.

Cook, who has sat on Nike's board since 2005 and is lead independent director, bought 50,000 shares at an average price of $58.97 per share. It was a show of confidence in the prospects for the stock, which has lost about 18% since 18 December, the day of the presentation of quarterly accounts that showed weakening margins and sluggish sales in China. Cook now has about 105,000 Nike shares in his portfolio.