Nike jumps as Apple CEO buys stock worth nearly $3 million

Shares of sportswear giant Nike NKE.N climb about 5% to $60.35 after Apple AAPL.O CEO Tim Cook buys about $3 million worth of stock

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

Nike director since 2005, 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

"Cook's move is a positive signal for the progress under CEO Elliott Hill and Nike's "Win Now" actions," Baird Equity Research analyst Jonathan Komp says

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

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

NKE shares down 24.2% YTD, as of last close