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4 days agoJPMorgan Says Palo Alto Networks' $10M Insider Buy Is a 'Substantial Vote of Confidence'
Palo Alto Networks gains institutional confidence after CEO's significant stock purchase amid declining stock performance.
Nike shares ticked up 2% in premarket trading on Wednesday after Apple CEO Tim Cook bought nearly $3 million worth of the sportswear maker's stock. Cook, who has served on Nike's board since 2005 and is its lead independent director, bought 50,000 shares at $58.97 each, according to a regulatory filing published on Tuesday. Nike shares were trading at $58.49 on Wednesday. The purchase comes just days after Nike reported weaker quarterly margins and sluggish sales in China.