This article first appeared on GuruFocus.

Apple (NASDAQ:AAPL) CEO Tim Cook stepped into the spotlight this week after making a sizable personal purchase of Nike (NYSE:NKE) shares, following a sharp decline tied to the company’s recent earnings report. According to a Form 4 filing released late Tuesday, Cook bought 50,000 shares on Monday at an average price of $58.97, investing close to $3 million after Nike’s results for its second fiscal quarter unsettled investors. Cook has served as Nike’s lead independent director and has been a board member since 2005, positioning the transaction as a closely watched signal amid the stock’s recent weakness.

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The purchase increased Cook’s total holdings to just over 105,000 shares, valued at more than $6 million based on Wednesday’s stock price. Nike shares rose around 2% to $58.53 in premarket trading, a move that could be interpreted as a modest rebound after a difficult stretch, though the stock remained under pressure relative to recent history.

Nike has struggled to regain momentum, with shares down 24% for the year through Tuesday’s close and trading below levels seen a decade ago. The latest selloff followed a drop of more than 10% after the company reported results for its second fiscal quarter ended in November, a release that underscored ongoing challenges as management works to steady performance.