Nike Rises About 5% As Apple's Tim Cook Increases Stake In Sports Retailer

(RTTNews) - Nike, Inc. (NKE) shares rose 4.86%, closing at $60.13, up $2.78, after news that Nike director and Apple CEO Tim Cook purchased approximately $2.95 million worth of Nike stock.

The stock opened near $57.50, reached an intraday high of about $60.80, and saw a low near $57.30, compared with a previous close of $57.35. NKE trades on the NYSE.

Tim Cook, who serves on Nike's board, acquired shares in the open market, increasing his stake and underscoring confidence in Nike's strategy and long-term potential.

Trading volume was elevated, reflecting investor interest following the insider purchase news. NKE's 52-week range recently spanned from lower levels earlier in the year toward the mid-$60s, with shares gaining support from the insider activity.