Nike up after CEO Hill buys stock worth $1 million

Sportswear giant Nike's NKE.N shares rise 4% to $63.64

SEC filing shows CEO Elliott Hill bought stock for about $1 million, or 16,388 shares at $61.1 apiece, on Monday

Apple AAPL.O CEO and Nike board director Tim Cook also bought NKE stock worth $3 million last week, in a move that sent shares up 5%

Personal stock purchases by Nike insiders was "possibly most encouraging" in the current environment for the footwear maker, says Simeon Siegel, analyst at Guggenheim Securities

NKE reported a drop in gross margins for Q2 and a sixth straight quarterly sales drop in China earlier this month

However, sustainable improvement in sales in North America and increased marketing were signs that the worst may be behind Nike, Siegel says

As of last close, NKE down 19.13% YTD, on track for its fourth straight year of declines