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The Spokesman-Review Newspaper
Spokane, Washington  Est. May 19, 1883

Buffett Speculation Boosts Nike Stock

Compiled From Wire Services

Shares of Nike Inc. rose 6.5 percent Wednesday, fueled by speculation that legendary billionaire investor Warren Buffett was buying a stake in the athletic footwear and apparel giant.

Nike spokesman Vada Manager said the company was trying to verify the rumor. “It’s only a rumor right now,” Manager said.

Buffett’s reputation for successful stock picking is so strong that the slightest suggestion that he’s buying Nike would drive up the stock, Manager said.

Shares of Nike rose $3.87-1/2 to $64 on the New York Stock Exchange. It was as high as $66.50 earlier in the day.

A spokeswoman at Buffett’s investment company, Berkshire Hathaway Inc., based in Omaha, Neb., would not comment, citing company policy.

Berkshire’s investments include manufacturing, publishing and insurance. In the latest quarter, the firm’s investing gain was $21.3 million.