Nike climbs after Apple CEO buys stock worth nearly $3 million

Shares of sportswear giant Nike NKE.N up 2.3% at $58.7 premarket after Apple AAPL.O CEO Tim Cook buys about $3 million worth of stock

Cook acquired 50,000 Class B shares at $58.97 on December 22, lifting his direct holding to 105,480 shares, worth about $6 million as of last close

Nike director since 2005, Cook chairs its compensation committee

Another director, ex-Intel INTC.O CEO Robert Swan bought 8,691 shares at $57.54

Purchase follows a steep drop in Q2 profit and mounting concerns over China market slowdown

NKE shares down 24.2% YTD, as of last close

Insider buying is typically seen as a signal of confidence in a company's strategy