Tim Cook just gave Nike a much-needed holiday boost

"Nike has Tim Cook to thank for its warm, festive glow this Christmas. The sneaker giant disclosed in a filing that Cook, a longtime member of Nike's board and its lead independent director, bought shares in Nike worth about $3 million. Cook's purchase of 50,000 shares almost doubled his holdings in the company to just over 105,000 shares, or about $6 million."

"Nike's stock jumped 4.64% at the close of trading on Wednesday. Cook's investment sends a signal of support to Nike CEO Elliott Hill, who is in the middle of a plan to turn around the struggling sportswear giant. 'You buy with your own personal wealth, you put your money where your mouth is, you're making a point,' said Simeon Siegel, equities research analyst at Guggenheim, in an interview on CNBC on Wednesday. 'Whether it's intended as an investment or as a signal, it's there.'"

"Hill rejoined Nike as CEO in October last year, inheriting a company facing heightened competition from smaller players. Nike was also trying to regain its mojo after its attempt to sell directly to consumers instead of through marketplace retailers stumbled. The company had also become, in Hill's words, 'far too promotional.' Hill's 'win now' strategy involves focusing on five key areas: culture, product, marketing, marketplace, and in-person presence. The plan has reset the company's focus on sports, including running, basketball, football, and training."

Tim Cook, a longtime Nike board member and lead independent director, purchased about $3 million of Nike shares, acquiring 50,000 shares and raising his total holdings to just over 105,000 shares, roughly $6 million. Nike's stock rose 4.64% after the purchase. Another board member, Robert Swan, bought about $500,000 of shares. CEO Elliott Hill, who rejoined in October, is executing a 'win now' turnaround focused on culture, product, marketing, marketplace and in-person presence, and refocusing on core sports such as running, basketball, football and training. Nike faces falling sales in China and profit pressure from tariffs.

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