Media Decoder Blog: A Resurgent Netflix Beats Projections, Even Its Own

1:51 p.m. | Updated For all those who have doubted its business acumen, Netflix had a resounding answer on Wednesday: 27.15 million.

That’s the number of American homes that were subscribers to the streaming service by the end of 2012, beating the company’s own projections for the fourth quarter after a couple of quarters of underwhelming results.

Netflix’s growth spurt in streaming — up by 2.05 million customers in the United States, from 25.1 million in the third quarter — was its biggest in nearly three years, and helped the company report net income of $7.9 million, surprising many analysts who had predicted a loss.

The results reflected just how far Netflix has come since the turbulence of mid-2011, when its botched execution of a new pricing plan for its services — streaming and DVDs by mail — resulted in an online flogging by angry customers. Investors battered its stock price, sending it from a high of around $300 in 2011 to as low as $53 last year.

“It’s risen from the ashes,” said Barton Crockett, a senior analyst at Lazard Capital Markets. “A lot of investors have been very skeptical that Netflix will work. With this earnings report, they’re making a strong argument that the business is real, that it will work.”

Investors, cheered by the results, sent Netflix shares soaring. By Thursday afternoon the shares were up more than 37 percent to $141.49.

Netflix’s fourth-quarter success was a convenient reminder to the entertainment and technology industries that consumers increasingly want on-demand access to television shows and movies. Streaming services by Amazon, Hulu and Redbox are all competing on the same playing field, but for now Netflix remains the biggest such service, and thus a pioneer for all the others.

“Our growth and our competitors’ growth shows just how large the opportunity is for Internet TV, where people get to control their viewing experience,” Netflix’s chief executive, Reed Hastings, said in a telephone interview Wednesday evening.

Questions persist, though, about whether Netflix will be able to attract enough subscribers to keep paying its ever-rising bills to content providers, which total billions of dollars in the years to come. The company said on Wednesday that it might take on more debt to finance more original programs, the first of which, the political thriller “House of Cards,” will have its premiere on the service on Feb. 1. Netflix committed about $100 million to make two seasons of “House of Cards,” one of five original programs scheduled to come out on the service this year.

“The virtuous cycle for us is to gain more subscribers, get more content, gain more subscribers, get more content,” Mr. Hastings said in an earnings conference call.

The company’s $7.9 million profit for the quarter represented 13 cents a share, surprising analysts who had expected a loss of 12 cents a share. The company said revenue of $945 million, up from $875 million in the quarter in 2011, was driven in part by holiday sales of new tablets and television sets.

Netflix added nearly two million new subscribers in other countries, though it continued to lose money overseas, as expected, and said it would slow its international expansion plans in the first part of this year.

The “flix” in Netflix, its largely forgotten DVD-by-mail business, fared a bit better than the company had projected, posting a loss of just 380,000 subscribers in the quarter, to 8.22 million. The losses have slowed for four consecutive quarters, indicating that the homes that still want DVDs really want DVDs.

On the streaming side, Netflix’s retention rate improved in the fourth quarter, suggesting growing customer satisfaction.

Asked whether the company’s reputation had fully recovered after its missteps in 2011, Mr. Hastings said, “We’re on probation at this point, but we’re not out of jail.”

He has emphasized subscriber happiness, even going so far as to say on Wednesday that “we really want to make it easy to quit” Netflix. If the exit door is well marked, he asserted, subscribers will be more likely to come back.

The hope is that original programs like “House of Cards” and “Arrested Development” will lure both old and new subscribers to the service. Those programs, plus the film output deal with the Walt Disney Company announced in December, affirm that Netflix cares more and more about being a gallery — with showy pieces that cannot be seen anywhere else — and less about being a library of every film and TV show ever made.

“They’re morphing into something that people understand,” said Mr. Crockett of Lazard Capital.

Mr. Hastings said this had been happening for years, but that it was becoming more apparent now to consumers and investors.

Mr. Hastings’s letter to investors brought up the elephant in the room, the activist investor Carl C. Icahn, who acquired nearly 10 percent of the company’s stock last October. Mr. Icahn, known for his campaigns for corporate sales and revampings, stated then that Netflix “may hold significant strategic value for a variety of significantly larger companies.”

Netflix subsequently put into place a shareholder rights plan, known as a poison pill, to protect itself against a forced sale by Mr. Icahn.

The company said on Wednesday, “We have no further news about his intentions, but have had constructive conversations with him about building a more valuable company.”

Factoring in the stock’s 30 percent rise since November and the after-hours action on Wednesday, Mr. Icahn’s stake has now more than doubled in value, to more than $700 million from roughly $320 million.

A version of this article appeared in print on 01/24/2013, on page B1 of the NewYork edition with the headline: A Resurgent Netflix Beats Projections, Even Its Own.

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DealBook | The Trade: An Asset So Toxic They Called It ‘Nuclear Holocaust’

On March 16, 2007, Morgan Stanley employees working on one of the toxic assets that helped blow up the world economy discussed what to name it. Among the team members’ suggestions: “Subprime Meltdown,” “Hitman,” “Nuclear Holocaust” and “Mike Tyson’s Punchout,” as well a simple yet direct reference to a bag of excrement.

Ha ha. Those hilarious investment bankers.

Then they gave it its real name and sold it to a Chinese bank.

We are never going to have a full understanding of what bad behavior bankers conducted in the years leading up to the financial crisis. The Justice Department and the Securities and Exchange Commission have failed to hold big wrongdoers to account.

We are left with what scraps we can get from those private lawsuits lucky enough to get over the high hurdles for document discovery. A case brought against Morgan Stanley by a Taiwanese bank in a New York State Supreme Court in Manhattan has cleared that bar.

The results are explosive. Hundreds of pages of internal Morgan Stanley documents, released publicly last week, shed much new light on what bankers knew at the height of the housing bubble and what they did with that secret knowledge.

The lawsuit concerns a $500 million collateralized debt obligation called Stack 2006-1, created in the first half of 2006. Collections of mortgage-backed securities, C.D.O.’s were at the heart of the financial crisis.

But the documents suggest a pattern of behavior larger than this one deal: people across the bank understood that the American housing market was in trouble. They took advantage of that knowledge to create and then bet against securities and then also to unload garbage investments on unsuspecting buyers.

Morgan Stanley doesn’t see the narrative as the plaintiffs do. The firm is fighting the lawsuit, contending that the buyers were sophisticated clients and could have known what was going on in the subprime market. The C.D.O. documents disclosed, albeit obliquely, that Morgan Stanley might bet against the securities, a strategy known as shorting. The firm did not pick the assets going into the deal (though it was able to veto any assets). And any shorting of the deal was part of a larger array of trades, both long and short. Indeed, Morgan Stanley owned a big piece of Stack, in addition to its short bet.

Regarding the profane naming contest, Morgan Stanley said in a statement: “While the e-mail in question contains inappropriate language and reflects a poor attempt at humor, the Morgan Stanley employee who wrote it was responsible for documenting transactions. It was not his job or within his skill set to assess the state of the market or the credit quality of the transaction being discussed.”

Philip Blumberg, the Morgan Stanley lawyer who composed most of the names, meet the underside of a bus, courtesy of your employer.

Another Morgan Stanley employee sent an e-mail that same morning, suggesting that the deal be called “Hitman.” This might have been an attempt to manage up, because “Hitman” was the nickname of his boss, Jonathan Horowitz, who helped head the part of the group that oversaw mortgage-backed C.D.O.’s. Mr. Horowitz replied, “I like it.”

Both Mr. Blumberg and Mr. Horowitz, now at JPMorgan, declined to comment through representatives at their banks.

In February 2006, Morgan Stanley began putting together the Stack C.D.O. According to an internal presentation, Stack “represents attractive business for Morgan Stanley.”

Why? In addition to fees, another bullet point listed: “Ability to short up to $325MM of credits into the C.D.O.” In other words, Morgan Stanley could — and did — sell assets to the Stack C.D.O., intending to profit if the securities backed by those assets declined. The bank put on a $170 million bet against Stack, even as it was selling it.

In the end, of the $500 million of assets backing the deal, $415 million ended up worthless.

“While investors and taxpayers all over the world continue to choke on Wall Street’s toxic subprime products, to this day not a single major Wall Street executive has been held accountable for misconduct relating to those products,” said Jason C. Davis, a lawyer at Robbins Geller who is representing the plaintiff in the lawsuit. “They are generally untouchable, but we are pleased that the court in this case is ordering Morgan Stanley to turn over damning evidence, so that the jury will get to see what Morgan Stanley really knew about the troubled nature of its supposedly ‘higher-than-AAA’ quality product.”

Why might Morgan Stanley have bet against the deal? Did its traders develop a brilliant thesis by assessing the fundamentals of the housing market through careful analysis of the public data? The documents suggest something more troubling: bankers found out that the housing market was diseased from their colleagues down the hall.

Bankers were getting information from fellow employees conducting and receiving private assessments of the quality of the mortgages that the bank would purchase to back securities. These reports weren’t available to the public. It would be crucial information for trading in securities backed by those kinds of mortgages.

In one e-mail from Oct. 21, 2005, a Morgan Stanley employee warns a banker that the mortgages Morgan Stanley is buying from loan originators are troubled. “The real issue is that the loan requests do not make sense,” he writes. As an example, he cites “a borrower that makes $12K a month as an operation manger (sic) of an unknown company — after research on my part I reveal it is a tarot reading house. Compound these issues with the fact that we are seeing what I would call a lot of this type of profile.”

In another e-mail from March 17, 2006, another Morgan Stanley employee writes about a “deteriorating appraisal quality that is very flagrant.”

Two of the employees who received those e-mails joined an internal hedge fund, headed by Howard Hubler, that was formed only the following month, in April 2006. As recounted in Michael Lewis’s “The Big Short,” Mr. Hubler infamously bet against the subprime market on Morgan Stanley’s behalf, a fact that Morgan Stanley’s chief financial officer conceded in late 2007. Mr. Hubler’s group was supposed to be separate from the rest of Morgan Stanley, but the two bankers continued to receive similar information about the underlying market, according to the person briefed on the matter.

At no point did they receive material, nonpublic information, a Morgan Stanley spokesman says.

I struggle to see how the private assessments that the subprime market was imploding were immaterial.

Another of Morgan Stanley’s main defenses is that it couldn’t have thought the investment it sold to the Taiwanese was terrible because it, too, lost money on securities backed by subprime mortgages. As the Morgan Stanley spokesman put it, “This deal must be viewed in the context of a significant write-down for Morgan Stanley in 2007, when the firm recorded huge losses in its public securities filings related to other subprime C.D.O. positions.”

This is a common refrain offered by big banks like Citigroup, Merrill Lynch and Bear Stearns to absolve them of any responsibility.

But does losing money wipe away sin?

Yes, Mr. Hubler made his bets in what turned out to be a deeply disastrous way. As part of a complex array of trades, he bet against the middle slices of subprime mortgage C.D.O.’s. He bought the supposedly safe top parts. The income from the top slices helped offset the cost of betting against the middle slices. But when the market collapsed, the top slices — called “super senior” because they were supposedly safer than Triple A — didn’t hold their value, losing billions for Mr. Hubler and Morgan Stanley. Mr. Hubler did not respond to requests for comment.

So Morgan Stanley lost a great deal of money.

But let’s review what the documents suggest is the big picture.

In the fall of 2005, bank employees share nonpublic assessments of how the subprime market is a house of tarot cards.

In February 2006, the bank begins creating Stack in part so that it can bet against it.

In April 2006, the bank creates its own internal hedge fund, led by Mr. Hubler, who shorts the subprime market. Among the traders in this internal shop are people who helped create Stack and other deals like it, and at least two employees who had access to the private due diligence reports.

Mr. Hubler’s group had no investment position in Stack, according to a person briefed on the matter, but it sure looks as if the bank saw what was coming and tried to position itself for a subprime market collapse.

Finally, by early 2007, the bank appears to realize that the subprime market is cratering even worse that it expects. Even the supposedly safe pieces of C.D.O.’s that it owns, including its piece of Stack, are facing losses. So Morgan Stanley bankers set to scouring the world to peddle as a safe and sound investment what its own employees are internally deriding.

Morgan Stanley declined to comment on whether it made money on its Stack investments over all. But it looks to have turned out well for the bank. In Stack, it managed to fob off a nuclear bomb to the Taiwanese bank.

Unfortunately for Morgan Stanley, it had so many other pieces of C.D.O.’s, so many nuclear warheads, that it couldn’t find nearly enough suckers around the world to buy them all.

And so when the real collapse came, Morgan Stanley was left with billions of dollars in losses.

That hardly seems exculpatory.

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Sundance stars sound off on gun violence in film

PARK CITY, Utah (AP) — The Sundance Film Festival isn't home to many shoot-em-up movies, but action-oriented actors at the festival are facing questions about Hollywood's role in American gun violence.

Guy Pearce and Alexander Skarsgard are among those who say Hollywood shares in the blame.

Pearce is in Park City, Utah, to support the family drama "Breathe In," but he's pulled plenty of imaginary triggers in violent films such as "Lockdown" and "Lawless." He says Hollywood may make guns seem "cool" to the broader culture, but there are vast variations in films' approach to guns.

"Hollywood probably does play a role," Pearce said. "It's a broad spectrum though. There are films that use guns flippantly, then there are films that use guns in a way that would make you never want to look at a gun ever again — because of the effect that it's had on the other people in the story at the time. So to sort of just say Hollywood and guns, it's a broad palette that you're dealing with, I think. But I'm sure it does have an effect. As does video games, as do stories on the news. All sorts of things probably seep into the consciousness."

Skarsgard, who blasted away aliens in "Battleship," says he agrees that Hollywood has some responsibility for how it depicts violence on-screen.

"When (NRA executive director) Wayne LaPierre blames it on Hollywood and says guns have nothing to do with it, there is a reason," he said. "I mean, I'm from Sweden. . We do have violent video games in Sweden. My teenage brother plays them. He watches Hollywood movies. We do have insane people in Sweden and in Canada. But we don't have 30,000 gun deaths a year.

"Yes, there's only 10 million people in Sweden as opposed to over 300 (million) in the United States. But the numbers just don't add up. There are over 300 million weapons in this country. And they help. They do kill people."

Ellen Page, who co-stars with Skarsgard in "The East," noted that gun restrictions are much more pervasive in her home country, Canada.

"You can't buy some crazy assault rifle that is made for the military to kill people. And like that to me is just like a no-brainer," she said. "Why should that just be out and be able to be purchased? That does not make me feel safe as a person."

Skarsgard says it may be time to revisit the Second Amendment.

"The whole Second Amendment discussion is ridiculous to me. Because that was written over 200 years ago, and it was a militia to have muskets to fight off Brits," he said. "The Brits aren't coming. It's 2013. Things have changed. And for someone to mail-order an assault rifle is crazy to me. They don't belong anywhere but the military to me. You don't need that to protect your home or shoot deer, you know."

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AP Entertainment Writer Ryan Pearson is on Twitter: www.twitter.com/ryanwrd .

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SciTimes Update : Science News From Around the Web

Wednesday in Science, we’re reading about killer penguins, texting moms, asteroid mining, designing a more pleasurable condom and a maple leaf controversy in Canada. Check out these and other science headlines from around the Web.

The Last 925,000 Pounds Are Always the Hardest: Boston’s citywide challenge to lose one million pounds in a year appears to have fallen about 925,000 pounds short, The Wall Street Journal reports. With just a few months left to go, the city’s collective weight loss has reached only about 75,000 pounds. Why did the city diet fail? Maybe it was the “Scooper Bowl” all-you-can-eat ice cream festival.

Andy Isaacson for The New York Times

An Adélie penguin colony in Cape Royds, Antarctica.

No Escape from a Hungry Penguin: Hungry penguins with tiny video cameras strapped to their backs have given scientists a rare glimpse of their killer feeding habits, reports The Guardian. In more than 14 hours of filming using cameras strapped to 11 Adélie penguins, not once did a bird fail to capture its prey. Penguins are such efficient killers, most of their victims have no time to hide, while others try in vain to flee. Watch it all on Penguin-cam.

The Condom Gets a Makeover: Most condoms are made of latex. Los Angeles design company Strata has developed a new silicone condom it claims not only does a better job blocking viruses and bacteria, but also scores more points in the pleasure department. You can learn more about the “Origami” condom and watch a video at New Scientist (registration required).

Mathieu Belanger/Reuters

New Canadian money seems to depict a species of maple leaf that is not Canadian in origin.

Canada Turns Over a New Leaf: Canada’s new $20, $50 and $100 bills appear to have the wrong maple leaf on them, reports BBC Canada. Botanists say the bills feature a Norwegian maple leaf, with five lobes, rather than the Canadian sugar maple leaf, which has just three lobes. Bank of Canada officials say the image is a “stylized blend” of maple leaves created with the help of a botanist and designed to avoid regional bias.

Universal Art: Scientists use thin sections of meteorites to study the history of the universe. But to the rest of us, they are just really pretty. Scientific American offers a slide show revealing the stained-glass beauty in ancient meteorites.

Erin Siegal/Reuters

An employee at Google resting in a nap pod, which blocks out light and sound.

Businesses Invest in Sleep: Tired office workers cost businesses billions in productivity and it’s estimated that one in three workers doesn’t get enough rest. As a result, some companies are now offering sleep talks and special lighting to promote better sleep among the staff, reports The Wall Street Journal. Google offers its workers a sleep pod for midday power naps.

Men More Likely to Cheat at Science: Men are more likely than women to commit scientific fraud, reports Science Daily. A new study in the journal mBio found that in 215 cases of scientific fraud in the records of the United States Office of Research Integrity, 65 percent were blamed on men.

Anti-Bacterial Soap Ingredient Found in Lakes: Triclosan, the common ingredient found in antibacterial soaps and toothpastes, is showing up in increasing amounts in Minnesota lakes, Science360 reports.

Mining Asteroids: A team of entrepreneurs and engineers announced plans for a space mining company that would turn asteroids into rocket fuel, solar panels and components for spacecraft orbiting the earth, reports The Christian Science Monitor. In theory, mining asteroids should be cheaper than hauling materials from earth. Watch a video discussion on CBS This Morning. National Geographic also reports on the perils and promise of mining asteroids.

Tony Cenicola/The New York Times

Alcohol Hinders Sleep: While many people think a nightcap might help them sleep, drinking alcohol before bedtime actually reduces sleep quality, reports WebMD. The review of 27 studies found that while alcohol does allow healthy people to fall asleep quicker and sleep more deeply for a while, it also reduces rapid eye movement (REM) sleep.

Moms Text Behind the Wheel: Having a baby on board does not curb a new mother’s texting and cellphone use, reports USA Today. A new survey shows that 78 percent of mothers with children under age 2 acknowledge talking on the phone while driving with their babies. Meanwhile, 26 percent say they text or check their e-mail – behavior that rivals that of teenage drivers. Nearly two-thirds of them said that they have turned around to deal with their baby in the back seat while driving.

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DealBook: At Davos, Financial Leaders Debate Reform and Monetary Policy

DAVOS, Switzerland — Jamie Dimon, the chief executive of JPMorgan Chase, apologized again for the bank’s recent $6 billion trading loss, this time in front of an audience that included the elite of the financial world. But in keeping with his confident demeanor, it was a diet portion of humble pie.

“If you’re a shareholder of mine, I apologize,” Mr. Dimon said at the World Economic Forum annual meeting here. But he quickly added, “We did have record profits. Life goes on.”

During an often contentious panel discussion in Davos that included several other bank executives, Mr. Dimon clashed with a top official of the International Monetary Fund about whether the banking system was still too dangerous.

Zhu Min, deputy director of the I.M.F., said the financial industry was too large in proportion to the economy. More than four years after the financial crisis, Mr. Min noted that banks still operated on too much borrowed money and still traded in overly complicated derivatives that were impossible for outsiders to understand.

“The whole financial sector is too big,” Mr. Min said.

Mr. Dimon responded that JPMorgan was fulfilling its duty to lend to businesses and governments. He said JPMorgan and other banks no longer dealt with subprime mortgages and some of the other complex financial concoctions that led to the crisis. He also said JPMorgan had not abandoned Spain or Italy despite the risks in those highly indebted countries.

“Everyone I know is trying to do a good job for their clients,” Mr. Dimon said during a debate moderated by Maria Bartiromo of the cable channel CNBC on the opening day of the meeting.

During the same discussion, Axel Weber, the chairman of UBS and former president of the Bundesbank, harshly criticized the European Central Bank and other central banks for keeping interest rates at record lows.

Mr. Weber said it was wrong to combat a crisis caused by excessive borrowing by encouraging even more borrowing. Record low official interest rates and other extraordinary measures to pump cash into the economy would eventually backfire, he said.

“We are trying to solve the crisis with more leveraging,” he said. “We are having a better life at the expense of future generations.”

Mr. Weber was once the front-runner to become president of the European Central Bank. But he resigned as head of the German central bank in 2011 after clashing with other members of the E.C.B. governing council over its purchases of euro zone government bonds.

Mario Draghi, who became president of the European Central Bank instead, has since calmed financial markets with a promise to buy government bonds in whatever amounts needed to contain borrowing costs for countries like Spain.

“I haven’t changed my views too much” on bond purchases, said Mr. Weber, who did not mention Mr. Draghi by name.

Mr. Weber has since presided over attempts by UBS to deal with the aftermath of the financial crisis and wrongdoing by some bank employees. UBS, based in Zurich, agreed to pay a $1.5 billion fine as part of a settlement last month over the manipulation of crucial benchmarks used to set mortgage and other interest rates.

“There have been excesses,” Mr. Weber said on Wednesday. “We need to fix them and move forward.”

Participants in the panel agreed that new bank regulations had fallen far short of what was needed to prevent problems at individual lenders from causing wider economic and financial crises, though they disagreed on what could be done better.

“We just experienced the worst financial crisis since the 1930s,” Mr. Min of the I.M.F. said. “We’re not safer yet.”

Mr. Dimon said conditions for economic growth were good “if we do all the right things.”

“If not,” he added, “we could be experiencing crises for another 10 years.”

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Car Bombs in Iraq Kill at Least 17

Hadi Mizban/Associated Press

The aftermath of a car bombing in Baghdad on Tuesday.

BAGHDAD (AP) — A string of attacks, including three car bombings in and around Baghdad, killed at least 22 people Tuesday, deepening fears of a surge in violence as sectarian tensions fester in Iraq.

Although there was no immediate claim of responsibility, blame is likely to fall on Sunni insurgents such as al-Qaida's local franchise for Tuesday's bloodshed. The group often uses indiscriminate attacks to sow fear among Iraq's Shiite majority and undermine the government's authority.

It was at least the fourth day this year that insurgents overcame security measures to carry out high-profile attacks claiming at least 20 lives. Over a two-day stretch alone last week, a series of what appeared to be coordinated bombings and other strikes killed nearly 60 people.

The upsurge in violence has coincided with a wave of Sunni-led protests against Prime Minister Nouri al-Maliki's Shiite-led government over what they see as unfair treatment of their sect.

Tuesday's attacks began when a parked car exploded at a security checkpoint in Mahmoudiya, about 30 kilometers (20 miles) south of the Iraqi capital. The blast killed five people, including two soldiers who were manning the checkpoint, and wounded 15, according to police.

A second car bomb, this one detonated by a suicide attacker, went off near a checkpoint in the northern Baghdad suburb of Taji, killing seven people and wounding 26.

Nasseer Rahman, a 35-year-old teacher, said he was sitting in a minibus waiting to pass the checkpoint when the bomb exploded about 120 meters (yards) away.

"The useless checkpoint was the reason for the high casualties because dozens of cars were backed up in long lines before (it) got hit," he said. "As soon as the blast struck, we got off the minibus and ran to the site of the explosion. We saw several cars on fire and pools of blood, and everybody was screaming for help."

Later in the day, another parked car loaded with explosives blew up in the predominantly Shiite neighborhood of Shula in northwestern Baghdad, killing five and wounding 15, police said. The blast left several cars charred and mangled.

Medics at a nearby hospital confirmed the casualties. All officials spoke on condition of anonymity because they were not authorized to speak to the media.

Elsewhere, gunmen killed two government employees and three guards as they were transporting salaries between oil facilities near Beiji, which is home to Iraq's largest oil refinery, about 155 miles (250 kilometers) north of Baghdad.

Police have launched a manhunt for the assailants, who made off with the money, according to Beiji mayor Abid al-Awadh.

Al-Qaida and other insurgent groups occasionally carry out brazen robberies in order to finance further attacks.

Violence has fallen since the peak of the insurgency in Iraq several years ago, but lethal attacks launched primarily by Sunni extremists still occur frequently. The attacks exacerbate Iraq's struggle to maintain stability amid a series of political crises that have wracked the country since the U.S. military withdrawal in December 2011.

The violence comes amid rising ethnic and sectarian tension following the arrest last month of bodyguards assigned to the Sunni Finance Minister Rafia al-Issawi.

The detentions sparked a wave of demonstrations that have swept the Sunni-dominated Anbar province as well as other parts of the country where Iraq's minority Sunnis live.

The protesters, who are rallying against alleged discrimination by the Shiite-led government, demand the release of detainees and want to overturn policies including a tough counterterrorism law that they believe unfairly target their sect.

Al-Maliki earlier this month set up a government committee charged with looking into the protesters' demands. It has focused so far on freeing detainees in an apparent effort to quell the demonstrations.

Deputy Prime Minister Hussain al-Shahristani, one of the prime minister's most trusted political allies, announced Tuesday that more than 1,000 inmates have been set free since the panel began its work.

A delegation of United Nations officials traveled to the Anbar provincial capital of Ramadi on Tuesday to meet with protesters and local officials to better understand their demands, said Eliana Nabaa, a U.N. spokeswoman in Baghdad.

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Associated Press writer Sameer N. Yacoub contributed to this report.

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Is Facebook envy making you miserable?

LONDON (Reuters) – Witnessing friends’ vacations, love lives and work successes on Facebook can cause envy and trigger feelings of misery and loneliness, according to German researchers.

A study conducted jointly by two German universities found rampant envy on Facebook, the world’s largest social network that now has over one billion users and has produced an unprecedented platform for social comparison.

The researchers found that one in three people felt worse after visiting the site and more dissatisfied with their lives, while people who browsed without contributing were affected the most.

“We were surprised by how many people have a negative experience from Facebook with envy leaving them feeling lonely, frustrated or angry,” researcher Hanna Krasnova from the Institute of Information Systems at Berlin’s Humboldt University told Reuters.

“From our observations some of these people will then leave Facebook or at least reduce their use of the site,” said Krasnova, adding to speculation that Facebook could be reaching saturation point in some markets.

Researchers from Humboldt University and from Darmstadt’s Technical University found vacation photos were the biggest cause of resentment with more than half of envy incidents triggered by holiday snaps on Facebook.

Social interaction was the second most common cause of envy as users could compare how many birthday greetings they received to those of their Facebook friends and how many “likes” or comments were made on photos and postings.

“Passive following triggers invidious emotions, with users mainly envying happiness of others, the way others spend their vacations and socialize,” the researchers said in the report “Envy on Facebook: A Hidden Threat to Users’ Life Satisfaction?” released on Tuesday.

“The spread and ubiquitous presence of envy on Social Networking Sites is shown to undermine users’ life satisfaction.”

They found people aged in their mid-30s were most likely to envy family happiness while women were more likely to envy physical attractiveness.

These feelings of envy were found to prompt some users to boast more about their achievements on the site run by Facebook Inc. to portray themselves in a better light.

Men were shown to post more self-promotional content on Facebook to let people know about their accomplishments while women stressed their good looks and social lives.

The researchers based their findings on two studies involving 600 people with the results to be presented at a conference on information systems in Germany in February.

The first study looked at the scale, scope and nature of envy incidents triggered by Facebook and the second at how envy was linked to passive use of Facebook and life satisfaction.

The researchers said the respondents in both studies were German but they expected the findings to hold internationally as envy is a universal feeling and possibly impact Facebook usage.

“From a provider’s perspective, our findings signal that users frequently perceive Facebook as a stressful environment, which may, in the long-run, endanger platform sustainability,” the researchers concluded.

(Reporting by Belinda Goldsmith, editing by Paul Casciato)

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James Franco explores leather, sex at Sundance

PARK CITY, Utah (AP) — There's a lot of leather and sex in James Franco's life right now.

The 34-year-old actor-director is part of three movies at the Sundance Film Festival that deal with sex, pornography and bondage, and discipline.

In an interview at the independent-film showcase in Park City, Utah, he said, "I guess I'm drawn to it."

Franco co-directed, produced and stars in "Interior. Leather Bar." He produced the documentary "kink." And he plays Hugh Hefner in "Lovelace," which premieres Tuesday at Sundance.

"Interior. Leather Bar." is a reimagining of the segments cut from William Friedkin's 1980 film, "Cruising," so it could earn an R rating. "Kink" is about Kink.com, the leading producer of bondage-and-discipline pornography. "Lovelace" is about "Deep Throat" star Linda Lovelace.

Franco says the timing is just coincidental.

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Well Pets: Holly the Cat's Incredible Journey

Nobody knows how it happened: an indoor house cat who got lost on a family excursion managing, after two months and about 200 miles, to return to her hometown.

Even scientists are baffled by how Holly, a 4-year-old tortoiseshell who in early November became separated from Jacob and Bonnie Richter at an R.V. rally in Daytona Beach, Fla., appeared on New Year’s Eve — staggering, weak and emaciated — in a backyard about a mile from the Richters’ house in West Palm Beach.

“Are you sure it’s the same cat?” wondered John Bradshaw, director of the University of Bristol’s Anthrozoology Institute. In other cases, he has suspected, “the cats are just strays, and the people have got kind of a mental justification for expecting it to be the same cat.”

But Holly not only had distinctive black-and-brown harlequin patterns on her fur, but also an implanted microchip to identify her.

“I really believe these stories, but they’re just hard to explain,” said Marc Bekoff, a behavioral ecologist at the University of Colorado. “Maybe being street-smart, maybe reading animal cues, maybe being able to read cars, maybe being a good hunter. I have no data for this.”

There is, in fact, little scientific dogma on cat navigation. Migratory animals like birds, turtles and insects have been studied more closely, and use magnetic fields, olfactory cues, or orientation by the sun.

Scientists say it is more common, although still rare, to hear of dogs returning home, perhaps suggesting, Dr. Bradshaw said, that they have inherited wolves’ ability to navigate using magnetic clues. But it’s also possible that dogs get taken on more family trips, and that lost dogs are more easily noticed or helped by people along the way.

Cats navigate well around familiar landscapes, memorizing locations by sight and smell, and easily figuring out shortcuts, Dr. Bradshaw said.

Strange, faraway locations would seem problematic, although he and Patrick Bateson, a behavioral biologist at Cambridge University, say that cats can sense smells across long distances. “Let’s say they associate the smell of pine with wind coming from the north, so they move in a southerly direction,” Dr. Bateson said.

Peter Borchelt, a New York animal behaviorist, wondered if Holly followed the Florida coast by sight or sound, tracking Interstate 95 and deciding to “keep that to the right and keep the ocean to the left.”

But, he said, “nobody’s going to do an experiment and take a bunch of cats in different directions and see which ones get home.”

The closest, said Roger Tabor, a British cat biologist, may have been a 1954 study in Germany in which cats placed in a covered circular maze with exits every 15 degrees most often exited in the direction of their homes, but more reliably if their homes were less than five kilometers away.

New research by the National Geographic and University of Georgia’s Kitty Cams Project, using video footage from 55 pet cats wearing video cameras on their collars, suggests cat behavior is exceedingly complex.

For example, the Kitty Cams study found that four of the cats were two-timing their owners, visiting other homes for food and affection. Not every cat, it seems, shares Holly’s loyalty.

KittyCams also showed most of the cats engaging in risky behavior, including crossing roads and “eating and drinking substances away from home,” risks Holly undoubtedly experienced and seems lucky to have survived.

But there have been other cats who made unexpected comebacks.

“It’s actually happened to me,” said Jackson Galaxy, a cat behaviorist who hosts “My Cat From Hell” on Animal Planet. While living in Boulder, Colo., he moved across town, whereupon his indoor cat, Rabbi, fled and appeared 10 days later at the previous house, “walking five miles through an area he had never been before,” Mr. Galaxy said.

Professor Tabor cited longer-distance reports he considered credible: Murka, a tortoiseshell in Russia, traveling about 325 miles home to Moscow from her owner’s mother’s house in Voronezh in 1989; Ninja, who returned to Farmington, Utah, in 1997, a year after her family moved from there to Mill Creek, Wash.; and Howie, an indoor Persian cat in Australia who in 1978 ran away from relatives his vacationing family left him with and eventually traveled 1,000 miles to his family’s home.

Professor Tabor also said a Siamese in the English village of Black Notley repeatedly hopped a train, disembarked at White Notley, and walked several miles back to Black Notley.

Still, explaining such journeys is not black and white.

In the Florida case, one glimpse through the factual fog comes on the little cat’s feet. While Dr. Bradshaw speculated Holly might have gotten a lift, perhaps sneaking under the hood of a truck heading down I-95, her paws suggest she was not driven all the way, nor did Holly go lightly.

“Her pads on her feet were bleeding,” Ms. Richter said. “Her claws are worn weird. The front ones are really sharp, the back ones worn down to nothing.”

Scientists say that is consistent with a long walk, since back feet provide propulsion, while front claws engage in activities like tearing. The Richters also said Holly had gone from 13.5 to 7 pounds.

Holly hardly seemed an adventurous wanderer, though her background might have given her a genetic advantage. Her mother was a feral cat roaming the Richters’ mobile home park, and Holly was born inside somebody’s air-conditioner, Ms. Richter said. When, at about six weeks old, Holly padded into their carport and jumped into the lap of Mr. Richter’s mother, there were “scars on her belly from when the air conditioner was turned on,” Ms. Richter said.

Scientists say that such early experience was too brief to explain how Holly might have been comfortable in the wild — after all, she spent most of her life as an indoor cat, except for occasionally running outside to chase lizards. But it might imply innate personality traits like nimbleness or toughness.

“You’ve got these real variations in temperament,” Dr. Bekoff said. “Fish can be shy or bold; there seem to be shy and bold spiders. This cat, it could be she has the personality of a survivor.”

He said being an indoor cat would not extinguish survivalist behaviors, like hunting mice or being aware of the sun’s orientation.

The Richters — Bonnie, 63, a retired nurse, and Jacob, 70, a retired airline mechanics’ supervisor and accomplished bowler — began traveling with Holly only last year, and she easily tolerated a hotel, a cabin or the R.V.

But during the Good Sam R.V. Rally in Daytona, when they were camping near the speedway with 3,000 other motor homes, Holly bolted when Ms. Richter’s mother opened the door one night. Fireworks the next day may have further spooked her, and, after searching for days, alerting animal agencies and posting fliers, the Richters returned home catless.

Two weeks later, an animal rescue worker called the Richters to say a cat resembling Holly had been spotted eating behind the Daytona franchise of Hooters, where employees put out food for feral cats.

Then, on New Year’s Eve, Barb Mazzola, a 52-year-old university executive assistant, noticed a cat “barely standing” in her backyard in West Palm Beach, struggling even to meow. Over six days, Ms. Mazzola and her children cared for the cat, putting out food, including special milk for cats, and eventually the cat came inside.

They named her Cosette after the orphan in Les Misérables, and took her to a veterinarian, Dr. Sara Beg at Paws2Help. Dr. Beg said the cat was underweight and dehydrated, had “back claws and nail beds worn down, probably from all that walking on pavement,” but was “bright and alert” and had no parasites, heartworm or viruses. “She was hesitant and scared around people she didn’t know, so I don’t think she went up to people and got a lift,” Dr. Beg said. “I think she made the journey on her own.”

At Paws2Help, Ms. Mazzola said, “I almost didn’t want to ask, because I wanted to keep her, but I said, ‘Just check and make sure she doesn’t have a microchip.’” When told the cat did, “I just cried.”

The Richters cried, too upon seeing Holly, who instantly relaxed when placed on Mr. Richter’s shoulder. Re-entry is proceeding well, but the mystery persists.

“We haven’t the slightest idea how they do this,” Mr. Galaxy said. “Anybody who says they do is lying, and, if you find it, please God, tell me what it is.”

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J.&J. Study Suggested Hip Device Could Fail in Thousands More

An internal analysis conducted by Johnson & Johnson in 2011 after it recalled a troubled hip implant projected that the all-metal device could fail within five years in nearly 40 percent of patients who received it, newly disclosed court records show.

The analysis, which the company has never released, suggests that thousands of additional patients may have to undergo painful procedures over the next few years to replace the implant, known as the Articular Surface Replacement, or A.S.R. It also indicates that the episode’s cost to Johnson & Johnson will continue to grow.

The analysis was part of a small set of records unsealed Friday by a judge in Los Angeles Superior Court as part of pretrial proceedings in a lawsuit brought by a patient against the DePuy Orthopaedics unit of Johnson & Johnson.

Over 10,000 lawsuits have been filed against DePuy by patients who got an A.S.R. If the California case, which involves a man named Loren Kransky, goes forward this week as scheduled, it would be first of those cases to go to trial.

The records released Friday by Superior Court Judge J. Stephen Czuleger represent a tiny fraction of the tens of thousands of internal DePuy documents that the plaintiff’s lawyers say they have reviewed in connection with the California lawsuit. As a result, it is difficult to assess the strength of the case against the implant maker based on them.

Asked for comment, a spokeswoman for DePuy, Mindy Tinsley, said in a statement that the company’s internal analysis “was based on a small, limited set of data that could not be used to generalize” the overall replacement rate for the A.S.R.  She added that any documents or partial testimony released before the trial “may not be able to be fully understood without proper context.”

For years, executives of DePuy insisted that the A.S.R. was performing on a par with other types of artificial hips, and said they moved to recall the device in mid-2010 when new data from an orthopedic registry in England showed it was failing more frequently.

But documents in the Los Angeles case and other lawsuits nationwide against DePuy are expected to reveal what actions company officials took – or did not take – before the A.S.R.’s recall and when they became aware of the implant’s problems.

Traditional hip implants, which are made out of plastic and metal, typically last 15 years or more before wearing out and requiring replacement. But the A.S.R., which had a cup and ball made of metal, began to fail in large numbers of patients soon after implant.

About 93,000 patients worldwide received an A.S.R., about one-third of them in the United States. Patients here received a version of the A.S.R. that was a traditional hip implant. Those outside the United States were outfitted with either the traditional version or a modified version used in an alternative joint replacement procedure known as resurfacing.

Both versions of the A.S.R., however, shared a central component, a metal hip cup that can shed tiny particles of metal debris as its moves. That debris has caused severe tissue and bone damage in hundreds of patients, crippling some of them.

One DePuy engineer acknowledged in court papers released Friday that company officials were aware in 2008 from reports by an English surgeon that the resurfacing version of the A.S.R. was releasing high levels of metallic ions, particularly in women.

In other pretrial testimony released Friday, Paul Voorhorst, DePuy’s director of biostatistics and data management, said that the company performed several reviews of A.S.R. failures in patients in the fall of 2011, a year after it recalled the model.

Based on the number of patients who had already undergone device replacement at the time, DePuy estimated that about 37 percent of patients who got an A.S.R. may need to get it replaced within five years of receiving it.

Last year, The New York Times reported that DePuy executives decided in 2009 to phase out the A.S.R. and sell off its inventories just weeks after the Food and Drug Administration asked the company in a letter for added safety data about the implant.

The F.D.A. also told the company at that time that it was rejecting its efforts to sell the resurfacing version of the device in country because of concerns about “high concentration of metal ions” in the blood of patients who received it.

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