New Delhi, Dec. 24 -- Shares of Nike were in focus after a regulatory filing revealed that Apple CEO Tim Cook purchased nearly $3 million worth of Nike stock, a move that has reignited investor optimism in the embattled sportswear giant.

According to the SEC Form 4 filing, Nike's lead independent director acquired 50,000 shares of Class B common stock on December 22 at a weighted average price of $58.97 per share. After the transaction, Cook now directly owns 105,480 Nike shares, underscoring his confidence in the company's long-term prospects.

Cook has been a member of Nike's board since 2005, serving as its longest-tenured director and chair of the compensation committee. His insider purchase comes at a time when Nike is navigating on...