Apple execs profit from massive AAPL climb
updated 12:30 pm EST, Wed February 9, 2005
Execs profit from AAPL
As Apple's stock climbs to record levels, company executives are cashing in on stock options and making significant profits. Phil Schiller, Senior Vice President of Worldwide Product Marketing, has made around $2.3 million, according to estimates. Last week, Schiller sold 75,000 shares, which he purchased at $47 per share. Schiller sold his shares at approximately $78 on February 4th. Last fall, Schiller made over $8 million when he exercised 286,000 employee stock options. Jon Rubinstein, Apple's Senior Vice President of Hardware Engineering, sold approximately 9500 shares of stock on January 27th, worth $688,000. Last month Rubinstein sold 250,000 shares of employee stock options, for a profit of over $13 million. Apple stock yesterday hit a new all-time high of over $80.
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Exercise options
Please correct the many errors in the above article. Here's the first half of what you wrote:
"As Apple's stock climbs to record levels, company executives are cashing in on stock options and making significant profits. Phil Schiller, Senior Vice President of Worldwide Product Marketing has profited approximately $2.3 million, according to estimates. Last week, Schiller sold 75,000 shares, which he purchased at $47 per share. Schiller sold the options around $78 per share on February 4th. Last fall, Schiller made over $8 million when he exercised a 286,250 employee stock."
The 2nd sentence is worded badly in 3 instances: first, you forget the comma after Marketing which should denote the phrase end; second, "profited approximately $2.3 million" is awkward at best-- "earned profits of $2.3 million" would be better; third, using "approximately" & "estimates" in the same sentence is redundant.
It would also be helpful if you were more clear how Schiller acquired the 75,000 shares-- were these purchased on the open market for $47 or did he exercise options with a strike price of $47? Also, he didn't sell the options at $78/share; rather, he sold the stock at $78/share. Based on these three sentences, I'm able to piece together the facts, and rewrite it in a way that is both more clear and concise:
"Phil Schiller exercised 75,000 options with a strike price of $47 per share and sold them for $78 per share, earning a profit of $31 per share, a total of approximately $2.3 million in profits."
"... when he exercised a 286,250 employee stock." makes no sense. Instead write, "... when he exercised 286,250 employee stock options." The remainder of the article is mostly clear, although it would better inform the reader to note how Rubenstein acquired the shares he sold (options, grant or purchase) and what the strike price was of his options.