Making millions with an iPod

Apple insiders sell $73 million in stock

SHARE PRICE HAS SOARED, THANKS TO IPOD

By Dan Lee

Mercury News


Seven insiders at Apple Computer sold more than $73 million in stock in October. So far this year, 10 top executives have sold $229 million in company shares.

The Cupertino computer company's stock has soared lately, with profits driven by the hot-selling iPod digital music player and iTunes music service.

Seven company executives pocketed more than $44 million in gains last month from option exercises and stock sales, according to Thomson Financial. Those insiders exercised options to buy Apple shares at a cost of about $29 million and then sold those shares for a total of $73 million.

Senior Vice President of Hardware Engineering Jonathan Rubinstein had the largest gain by an Apple insider last month. He exercised options to buy 500,000 Apple shares for $17.31 each Oct. 1, according to a filing with the Securities and Exchange Commission. The same day he sold those shares for prices ranging from $38.61 to $38.98 each, for a gain of $10.7 million.

Others with gains from Apple options last month included General Counsel Nancy Heinen, $9.7 million; Senior Vice President of Retail Ronald Johnson, $9.6 million; and Senior Vice President of Software Engineering Bertrand Serlet, $1.3 million.

http://www.siliconvalley.com/mld/mercurynews/business/10126948.htm

I just sprung for the 40G model for my teenage daughter...OUCH!