economy
Tim Cook buys another $1 million worth of Nike shares
The market and Jim Cramer applauded the move.
TL;DR
- Nike directors Tim Cook and Elliott Hill made insider stock purchases of about $1 million each.
- The purchases led to a 3% rise in Nike shares.
- Jim Cramer interprets the insider buying as a sign of confidence in CEO Elliott Hill's turnaround plan.
- The CNBC Investing Club is holding a 'hold-equivalent 2 rating' on Nike and waiting for financial results to materialize.
- Some analysts have downgraded Nike, citing leadership concerns and market saturation, while others remain bullish.