Nike shares surged on this holiday-shortened trading day, despite a rough year with a 20% plunge. Shares soared after Apple CEO Tim Cook nearly doubled his stake by purchasing 50,000 shares. This move signals confidence in a potential turnaround, with Nike stock rising 4.7% today.

Investors were spooked by Nike’s 17% drop in China sales, sending shares lower. Tim Cook’s purchase of 50,000 shares valued at $6.3 million provided a vote of confidence, leading to a stock rally. With strong sales in North America and EMEA, investors are optimistic about Nike’s future potential as a market-beater.

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Read more at Nasdaq: Why Apple’s Tim Cook Drove Nike Stock Higher Today