Nike (NKE) Jumps 4.6% as Tim Cook Hikes Stake

We recently published 10 Stocks Lighting Up Market Ahead of Christmas. Nike Inc. (NYSE:NKE) is one of the best performers on Wednesday.

Nike Inc. jumped by 4.64 percent on Wednesday to close at $60 apiece after an Apple executive nearly doubled his stake in the company.

In a regulatory filing, Nike Inc. (NYSE:NKE) said that Tim Cook, chief executive officer of Apple Inc., acquired $2.9 million worth of new shares in the company.

Cook is currently an independent director and now owns a little more than 105,000 shares in Nike Inc. (NYSE:NKE).

The purchase reflected strong confidence in the stock, despite posting dismal earnings performance in the second quarter of fiscal year 2026 and posting lower sales guidance for the next quarter.

In the second quarter, the athletic fashion maker said that net income declined by 32 percent to $792 million from $1.16 billion in the same period last year.

Revenues were flat at $12 billion due to sales declines in China, Asia Pacific, and Latin America, which were primarily offset by growth in the North American region.

Nike (NKE) Jumps 4.6% as Tim Cook Hikes Stake

Regions with a high quality of life, including safety and healthcare, often become a magnet for new residents.

Looking ahead, Nike Inc. (NYSE:NKE) expects revenues for the third quarter to drop by low single digits, falling below analyst expectations of modest growth, on expectations that its operations in China, alongside higher tariffs, would continue to dampen sales.

While we acknowledge the potential of NKE as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock.

[/im-yf-promo]

While we acknowledge the risk and potential of NKE as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than NKE and that has 10,000% upside potential, check out our report about this cheapest AI stock.

READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

Disclosure: None. This article is originally published at Insider Monkey.