Why Nike Stock Wasn't a Winner Today
Insiders at publicly traded companies unload their stock frequently for various reasons, so such a move is rarely noteworthy. When such a dispersal is relatively large and made by a towering figure at a business, however, that can be a different story.
This seemed to be the case with Nike (NYSE: NKE) on Thursday, following the unloading of a pile of shares from the most towering figure possible at the company.
In a regulatory filing published after market hours on Wednesday, Nike co-founder, longtime CEO, and current emeritus chairman of the board of directors Phil Knight reported the move. He disclosed that 5 million of the company's class B shares were given to a charitable organization last Friday, Jan. 13. As the amount of the sale was $0, this clearly represented a donation to that entity.
Source Fool.com
