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Technology Stocks : Cisco Systems, Inc. (CSCO) -- Ignore unavailable to you. Want to Upgrade?

To: Tulvio Durand who wrote (32786)	3/17/2000 10:52:00 AM
From: Proud_Infidel	Read Replies (2) \| Respond to of 77400

Cisco execs cash out near record high By Bloomberg News March 16, 2000, 4:30 p.m. PT Cisco Systems chief executive John Chambers and seven other executives made a profit of $279 million by selling the company's stock last month, as shares of the networking equipment maker neared a record. Chambers, 50, sold 1.15 million shares at $131.75 each on Feb. 11 after exercising options to buy 1.25 million shares at $6.90 apiece, according to filings with the Securities and Exchange Commission. Chambers' profit was $142.9 million. Shares of Cisco have more than doubled in the last 12 months, making it the world's second-largest company by market value at $456.7 billion. Cisco plans to split its stock 2-for-1 Wednesday, the ninth split since its 1990 initial public offering. "I don't think (the insider sales are) going to be that important," said Art Bonnel, manager of U.S. Global Investors' $360 million Bonnel Growth Fund, which holds shares of Cisco. "I'm still very optimistic on Cisco." Cisco shares rose $3.05 to $131.67 today. The company ranks behind Microsoft, which has a market value of $496 billion. Cisco vaulted past General Electric for second-most valuable company last month. It fell to third earlier today as GE shares rallied, then jumped back into the No. 2 spot. GE now has a market value of $456.2 billion. According to Cisco's proxy statement, Chambers owned 7.4 million shares on July 31, now valued at about $974 million. Cisco declined to give updated figures. "Cisco executives exercised options during one of the few windows available throughout the year," said company spokesman Tom Galvin. "It's fairly routine this time." Such windows come in the days after Cisco reports quarterly results. Last year, Chambers sold 850,000 shares for $87.2 million, according to the Washington Service, which tracks insider buying and selling. Executive vice president Gary Daichendt, who oversees manufacturing and operations and is one of Chambers' top deputies, sold 268,644 shares on Feb. 11 and Feb. 14 after exercising options, for a profit of $30.1 million. Copyright 2000, Bloomberg L.P. All Rights Reserved.