Big hedge funds fueled fourth-quarter dive in Apple shares

BOSTON (Reuters) - Some of the biggest hedge funds that helped make Apple Inc a stock market darling lost faith and dumped their stakes in the fourth quarter, fueling the massive drop in the iPhone maker's share price.

Noted stock pickers including Leon Cooperman, Eric Mindich and Thomas Steyer unloaded billions of dollars of Apple shares between September 30 and December 31, according to disclosure documents filed on Thursday.

Shares of Apple rose to an all-time high of $705.07 on September 21 but ended 2012 down more than 24 percent from that peak as investors worried about increasing competition and declining profit margins.

The shares also may have dropped because their price rose too much, too fast.

"The stock just went up so much in early 2012 and then was coming back to earth," said Justin Walters, co-founder of Wall Street research firm Bespoke Investment Group. "Three months from now, we'll be seeing a lot of the people who sold starting to pick it up again."

The fourth-quarter sellers avoided even deeper losses. Apple's shares have lost 12 percent so far this year. The shares lost 42 cents, or 0.1 percent, to close at $466.59 on the Nasdaq on Thursday.

Cooperman's Omega Advisors fund dumped its entire stake of more than 266,000 shares during the fourth quarter, according to its required quarterly disclosure form filed with the Securities and Exchange Commission.

Mindich, named the youngest partner ever at Goldman Sachs before starting his Eton Park Capital Management fund in 2004, got out of Apple entirely in the fourth quarter after making big sales in the third quarter as well. Eton owned 600,000 shares at the beginning of 2012.

Farallon Capital, the hedge fund founded by Steyer, sold 137,000 shares. Steyer, who once worked on the Goldman Sachs risk arbitrage desk under Robert Rubin, stepped down at the end of the year from the firm, which he founded in 1986. Rubin served as U.S. Treasury secretary from 1995 to 1999.

Jana Partners, an activist fund run by Barry Rosenstein, also unloaded its entire Apple stake of more than 143,000 shares. Other notable sellers included Third Point LLC, which had owned 710,000 shares, Viking Global Investors, which dumped 1.1 million shares and Lone Pine Capital, which sold over 800,000 shares.

A much smaller line up of funds bought shares amid the stock's crash. David Tepper's Appaloosa Management nearly doubled its stake during the quarter to about 913,000 shares. George Soros more than doubled his stake to about 184,000 shares. And David Einhorn, who last week sued Apple in a bid for higher dividends, added 20 percent to his holdings to end the quarter with 1.3 million shares.

PROFITABLE TRADES

Despite the plunge in Apple's stock price, most of the managers likely exited their positions with substantial profits because they bought years earlier.

Rosenstein and Cooperman, for example, both started gathering their stakes in the middle of 2010, when Apple shares traded below $300.

At the time, the company's iPhone 4 was beset by alleged faulty reception, a problem that became known as "antennagate." Apple's then-chief executive, the late Steve Jobs, famously dismissed the issue, saying "we don't think we have a problem." But Apple offered customers a free bumper case that was supposed to minimize any issues.

Customers did not seem to care, snapping up millions of iPhones and sending Apple's share price up almost 50 percent over the next year.

Apple came under further scrutiny last week from Greenlight's Einhorn. Einhorn filed a lawsuit to block changes in Apple's policy for issuing preferred stock. Instead, Apple should issue a new class of preferred stock to share more of its $137 billion cash hoard with shareholders, Einhorn said.

Apple Chief Executive Tim Cook dismissed the moves as a "silly sideshow" on Tuesday.

SOME TRIMMED

Not all well-known hedge fund fans of Apple cut ties in the fourth quarter. Some only trimmed their holdings.

Philippe Laffont, who worked under famed hedge fund manager Julian Robertson before striking out on his own at Coatue Management, sold about 18 percent of his Apple shares. Coatue ended the year with a still sizable 643,000 shares.

Chase Coleman, another manager who worked for Robertson, reduced the Apple stake at his Tiger Global Management fund by 19 percent to just over 1 million shares.

Robertson's own Tiger Management LLC fund trimmed its Apple stake by 28 percent to about 42,000 shares.

Large hedge funds are required to disclose their U.S. stock holdings within 45 days after the end of each quarter.

But the filings may not give a complete picture of each fund's moves, since only U.S.-listed shares and options must be revealed. Bonds, foreign shares and derivatives are not included, and short positions, or bets that a stock will fall in price, are not listed.

(Reporting by Aaron Pressman; Additional reporting by Katya Wachtel, Svea Herbst, Sam Forgione and Jennifer Ablan in New York; Editing by Steve Orlofsky and David Gregorio)

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Charlie Sheen pays for injured teen's therapy dog

MILWAUKEE (AP) — MILWAUKEE (AP) — There's a 15-year-old Florida girl who didn't really know much about Charlie Sheen before this week — but does now.

The actor wired $10,000 to Teagan Marti and her family on Thursday for a therapy dog to help in her rehabilitation from injuries sustained when she plummeted 100 feet from a Wisconsin amusement park ride in 2010.

"I think he's a very kind person for helping me and my family and very generous," Teagan Marti said by phone Thursday from her home in Parkland, Fla.

Teagan Marti suffered brain, spine, pelvis and internal injuries in July 2010 when nets and air bags that were supposed to catch riders on a free-fall ride were not raised. She had convinced her family to make the trip from Florida to Extreme World in Wisconsin Dells after seeing the amusement park's Terminal Velocity ride on the Travel Channel.

She was hospitalized in Wisconsin and Florida for three months. She initially had no use of her arms or legs but through physical therapy is able to walk again with a walker.

Teagan Marti's mother, Julie Marti, said they are financially in trouble from the medical bills and her recent divorce. Their house is being foreclosed upon and insurance isn't covering physical therapy anymore, she said. She had no idea how they would pay for the English Golden Retriever puppy.

"I'm in such disbelief," Julie Marti said. "I was crying. ... What a guy. What a guy."

The dog is being trained in Fond du Lac to turn on lights, pick up objects and be the teen's constant companion.

Lucia Wilgus, of Eau Claire, became friends with the Martis after hearing of the accident and has spearheaded fundraising and helped find the dog and arrange training.

She sent a letter this week to Sheen through Sheen's godfather, who is a Wilgus family friend and Benedictine brother in the Benet Lake, Wis. She estimated the training and related costs would be around $6,000.

Sheen said he decided to give more for extra costs. The request had a "personal vibe" since it came through his godfather, and "if there's a need for more I told them to call me," he said.

"I like to pay it forward," Sheen said Thursday in a phone interview from Los Angeles. "People come into your orbit for a reason. You don't always know what that is ahead of time, but if I ignore these requests then I don't have any opportunity to see where these things lead us, or lead me."

He said he doesn't like to publicize most of his donations, but wanted to talk about this one to inspire others to donate.

Teagan Marti gets the dog on her birthday in September but hasn't made up her mind on a name.

"I think they should name the dog Charlie," Sheen joked.

___

Follow Carrie Antlfinger at http://twitter.com/@antltoe

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Fat Dad: Baking for Love

Fat Dad

Dawn Lerman writes about growing up with a fat dad.

My grandmother Beauty always told me that the way to a man’s heart was through his stomach, and by the look of pure delight on my dad’s face when he ate a piece of warm, homemade chocolate cake, or bit into a just-baked crispy cookie, I grew to believe this was true. I had no doubt that when the time came, and I liked a boy, that a batch of my gooey, rich, chocolaty brownies would cast him under a magic spell, and we would live happily ever.

But when Hank Thomas walked into Miss Seawall’s ninth grade algebra class on a rainy, September day and smiled at me with his amazing grin, long brown hair, big green eyes and Jimi Hendrix T-shirt, I was completely unprepared for the avalanche of emotions that invaded every fiber of my being. Shivers, a pounding heart, and heat overcame me when he asked if I knew the value of 1,000 to the 25th power. The only answer I could think of, as I fumbled over my words, was “love me, love me,” but I managed to blurt out “1E+75.” I wanted to come across as smart and aloof, but every time he looked at me, I started stuttering and sweating as my face turned bright red. No one had ever looked at me like that: as if he knew me, as if he knew how lost I was and how badly I needed to be loved.

Hank, who was a year older than me, was very popular and accomplished. Unlike other boys who were popular for their looks or athletic skills, Hank was smart and talented. He played piano and guitar, and composed the most beautiful classical and rock concertos that left both teachers and students in awe.

Unlike Hank, I had not quite come into my own yet. I was shy, had raggedy messy hair that I tied back into braids, and my clothes were far from stylish. My mother and sister had been on the road touring for the past year with the Broadway show “Annie.” My sister had been cast as a principal orphan, and I stayed home with my dad to attend high school. My dad was always busy with work and martini dinners that lasted late into the night. I spent most of my evenings at home alone baking and making care packages for my sister instead of coercing my parents to buy me the latest selection of Gloria Vanderbilt jeans — the rich colored bluejeans with the swan stitched on the back pocket that you had to lay on your bed to zip up. It was the icon of cool for the popular and pretty girls. I was neither, but Hank picked me to be his math partner anyway.

With every equation we solved, my love for Hank became more desperate. After several months of exchanging smiles, I decided to make Hank a batch of my homemade chocolate brownies for Valentine’s Day — the brownies that my dad said were like his own personal nirvana. My dad named them “closet” brownies, because when I was a little girl and used to make them for the family, he said that as soon as he smelled them coming out of the oven, he could imagine dashing away with them into the closet and devouring the whole batch.

After debating for hours if I should make the brownies for Hank with walnuts or chips, or fill the centers with peanut butter or caramel, I got to work. I had made brownies hundreds of times before, but this time felt different. With each ingredient I carefully stirred into the bowl, my heart began beating harder. I felt like I was going to burst from excitement. Surely, after Hank tasted these, he would love me as much as I loved him. I was not just making him brownies. I was l showing him who I was, and what mattered to me. After the brownies cooled, I sprinkled them with a touch of powdered sugar and wrapped them with foil and red tissue paper. The next day I placed them in Hank’s locker, with a note saying, “Call me.”

After seven excruciating days with no call, some smiles and the usual small talk in math class, I conjured up the nerve to ask Hank if he liked my brownies.

“The brownies were from you?” he asked. “They were delicious.”

Then Hank invited me to a party at his house the following weekend. Without hesitation, I responded that I would love to come. I pleaded with my friend Sarah to accompany me.

As the day grew closer, I made my grandmother Beauty’s homemade fudge — the chocolate fudge she made for Papa the night before he proposed to her. Stirring the milk, butter and sugar together eased my nerves. I had never been to a high school party before, and I didn’t know what to expect. Sarah advised me to ditch the braids as she styled my hair, used a violet eyeliner and lent me her favorite V-neck sweater and a pair of her best Gloria Vanderbilt jeans.

When we walked in the door, fudge in hand, Hank was nowhere to be found. Thinking I had made a mistake for coming and getting ready to leave, I felt a hand on my back. It was Hank’s. He hugged me and told me he was glad I finally arrived. When Hank put his arm around me, nothing else existed. With a little help from Cupid or the magic of Beauty’s recipes, I found love.

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Fat Dad’s ‘Closet’ Brownies

These brownies are more like fudge than cake and contain a fraction of the flour found in traditional brownie recipes. My father called them “closet” brownies, because when he smelled them coming out of the oven he could imagine hiding in the closet to eat the whole batch. I baked them in the ninth grade for a boy that I had a crush on, and they were more effective than Cupid’s arrow at winning his heart.

6 tablespoons unsalted butter, plus extra for greasing the pan
8 ounces bittersweet chocolate, chopped, or semisweet chocolate chips
3/4 cup brown sugar
2 eggs at room temperature, beaten
1 teaspoon vanilla extract
1/4 cup flour
1/2 cup chopped walnuts (optional)
Fresh berries or powdered sugar for garnish (optional)

1. Preheat oven to 350 degrees.

2. Grease an 8-inch square baking dish.

3. In a double boiler, melt chocolate. Then add butter, melt and stir to blend. Remove from heat and pour into a mixing bowl. Stir in sugar, eggs and vanilla and mix well.

4. Add flour. Mix well until very smooth. Add chopped walnuts if desired. Pour batter into greased baking pan.

5. Bake for 35 minutes, or until set and barely firm in the middle. Allow to cool on a rack before removing from pan. Optional: garnish with powdered sugar, or berries, or both.

Yield: 16 brownies

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Dawn Lerman is a New York-based health and nutrition consultant and founder of Magnificent Mommies, which provides school lectures, cooking classes and workshops. Her series on growing up with a fat father appears occasionally on Well.

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DealBook: Confidence on Upswing, Mergers Make Comeback

The mega-merger is back.

For the corporate takeover business, the last half-decade was a fallow period. Wall Street deal makers and chief executives, brought low by the global financial crisis, lacked the confidence to strike the audacious multibillion-dollar acquisitions that had defined previous market booms.

Cycles, however, turn, and in the opening weeks of 2013, merger activity has suddenly roared back to life. On Thursday, Berkshire Hathaway, the conglomerate run by Warren E. Buffett, said it had teamed up with Brazilian investors to buy the ketchup maker H. J. Heinz for about $23 billion. And American Airlines and US Airways agreed to merge in a deal valued at $11 billion.

Those transactions come a week after a planned $24 billion buyout of the computer company Dell by its founder, Michael S. Dell, and private equity backers. And Liberty Global, the company controlled by the billionaire media magnate John C. Malone, struck a $16 billion deal to buy the British cable business Virgin Media.

“Since the crisis, one by one, the stars came into alignment, and it was only a matter of time before you had a week like we just had,” said James B. Lee Jr., the vice chairman of JPMorgan Chase.

Still, bankers and lawyers remain circumspect, warning that it is still too early to declare a mergers-and-acquisitions boom like those during the junk bond craze of 1989, the dot-com bubble of 1999 and the leveraged buyout bonanza of 2007. They also say that it is important to pay heed to the excesses that developed during these moments of merger mania, which all ended badly.

A confluence of factors has driven the recent deals. Most visibly, the stock market has been on a tear, with the Standard & Poor’s 500-stock index this week briefly hitting its highest levels since November 2007. Higher share prices have buoyed the confidence of chief executives, who now, instead of retrenching, are looking for ways to expand their businesses.

A number of clouds that hovered over the markets last year have also been removed, eliminating the uncertainty that hampered deal making. Mergers and acquisitions activity in 2012 remained tepid as companies took a wait-and-see approach over the outcome of the presidential election and negotiations over the fiscal cliff. The problems in Europe, which began in earnest in 2011, shut down a lot of potential transactions, but the region has since stabilized.

“When we talk to our corporate clients as well as the bankers, we keep hearing them talk about increased confidence,” said John A. Bick, a partner at the law firm Davis Polk & Wardwell, who advised Heinz on its acquisition by Mr. Buffett and his partners.

Mr. Bick said that mega-mergers had a psychological component, meaning that once transactions start happening, chief executives do not want to be left behind. “In the same way that success breeds success, deals breed more deals,” he said.

A central reason for the return of big transactions is the mountain of cash on corporate balance sheets. After the financial crisis, companies hunkered down, laying off employees and cutting costs. As a result, they generated savings. Today, corporations in the S.& P. 500 are sitting on more than $1 trillion in cash. With interest rates near zero, that money is earning very little in bank accounts, so executives are looking to put it to work by acquiring businesses.

The private equity deal-making machine is also revving up again. The world’s largest buyout firms have hundreds of billions of dollars of “dry powder” — money allotted to deals in Wall Street parlance — and they are on the hunt. The proposed leveraged buyout of Dell, led by Mr. Dell and the investment firm Silver Lake Partners, was the largest private equity transaction since July 2007, when the Blackstone Group acquired the hotel chain Hilton Worldwide for $26 billion just as the credit markets were seizing up.

But perhaps the single biggest factor driving the return of corporate takeovers is the banking system’s renewed health. Corporations often rely on bank loans for financing acquisitions, and the ability of private equity firms to strike multibillion-dollar transactions depends on the willingness of banks to lend them money.

For years, banks, saddled by the toxic mortgage assets weighing on their balance sheets, turned off the lending spigot. But with the housing crisis in the rearview mirror and economic conditions slowly improving, banks are again lining up to provide corporate loans at record-low interest rates to finance acquisitions.

The banks, of course, are major beneficiaries of megadeals, earning big fees from both advising on the transactions and lending money to finance them. Mergers and acquisitions in the United States total $158.7 billion so far this year, according to Thomson Reuters data, more than double the amount in the same period last year. JPMorgan, for example, has benefited from the surge, advising on four big deals in recent weeks, including the Dell bid and Comcast’s $16.7 billion offer for the rest of NBCUniversal that it did not already own.

Mr. Buffett, in a television interview last month, declared that the banks had repaired their businesses and no longer posed a threat to the economy. “The capital ratios are huge, the excesses on the asset aside have been largely cleared out,” said Mr. Buffett, whose acquisition of Heinz will be his second-largest acquisition, behind his $35.9 billion purchase of a majority stake in the railroad company Burlington Northern Santa Fe in 2009.

While Wall Street has an air of giddiness over the year’s start, most deal makers temper their comments about the current environment with warnings about undisciplined behavior like overpaying for deals and borrowing too much to pay for them.

Though private equity firms were battered by the financial crisis, they made it through the downturn on relatively solid ground. Many of their megadeals, like Hilton, looked destined for bankruptcy after the markets collapsed, but they have since recovered. The deals have benefited from an improving economy, as well as robust lending markets that allowed companies to push back the large amounts of debt that were to have come due in the next few years.

But there are still plenty of cautionary tales about the consequences of overpriced, overleveraged takeovers. Consider Energy Future Holdings, the biggest private equity deal in history. Struck at the peak of the merger boom in October 2007, the company has suffered from low natural gas prices and too much debt, and could be forced to restructure this year. Its owners, a group led by Kohlberg Kravis Roberts and TPG, are likely to lose billions.

Even Mr. Buffett made a mistake on Energy Future Holdings, having invested $2 billion in the company’s bonds. He admitted to shareholders last year that the investment was a blunder and would most likely be wiped out.

“In tennis parlance,” Mr. Buffett wrote, “this was a major unforced error.”

Michael J. de la Merced contributed reporting.

A version of this article appeared in print on 02/15/2013, on page A1 of the NewYork edition with the headline: Confidence on Upswing, Mergers Make Comeback.

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City Room: Live Video: Mayor Bloomberg's Final State of the City Address

Watch Mayor Michael R. Bloomberg deliver his final State of the City address from the Barclays Center in Brooklyn.

Also, New Yorkers, we are interested in the State of Your Block. Please tell us how your block has been doing, or tweet at us using the hashtag #NYCblock.

Below: Twitter highlights from the mayor’s speech:

“The strike is a lost cause” @MikeBloomberg on bus driver strike

— Michael Paulson (@MichaelPaulson) 14 Feb 13

No mention of buying-out homeowners in flood zones, like @NYGovCuomo has suggested. #SOTC2013

— Andrew J. Hawkins (@andyjayhawk) 14 Feb 13

MT @samrob12: Pot possession in NYC? From now on: No overnight jail, just desk appearance ticket from precinct, Bloomberg to say.

— NYT Metro Desk (@NYTMetro) 14 Feb 13

Mayor: We’ll open all of our beaches on Memorial Day weekend this year, just as we always do! #Sandy #SOTC2013

— NYC Mayor’s Office (@NYCMayorsOffice) 14 Feb 13

Bloomberg on Sandy rebuilding: “We’re a coastal city, so we cannot – and will not – abandon the waterfront.” #sotc2012

— Anna Sale (@annasale) 14 Feb 13

Bloomberg throws a hard elbow at Robert Moses, saying — correctly — that Moses cut off the city from its waterfront.

— Clyde Haberman (@ClydeHaberman) 14 Feb 13

“The special interests and campaign donors have never had less power than they’ve had over the past 11 years” – @MikeBloomberg

— Michael Paulson (@MichaelPaulson) 14 Feb 13

Our goal is not to spend the year cutting ribbons. Our goal is to keep NYC on the right course for decades http://t.co/iIJ1sfih #SOTC2013

— Mike Bloomberg (@MikeBloomberg) 14 Feb 13

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Egyptian regulator appeals against court's YouTube ban

CAIRO (Reuters) - Egyptian authorities appealed on Thursday against a court order banning the video file-sharing site YouTube for a month over an amateur video that denigrates the Prophet Mohammad, saying the ruling was unenforceable.

"The National Telecommunication Regulatory Authority has presented an appeal to halt implementation of the verdict," said a statement from the Ministry of Communications and Information Technology.

Egypt's administrative court ordered the ministries of communication and investment to block YouTube, owned by Google, inside the country because it had carried the film "Innocence of Muslims", said the state news agency MENA.

The low-budget 13-minute video, billed as a film trailer and made in California with private funding, provoked a wave of anti-American unrest in Egypt, Libya and dozens of other Muslim countries in September.

The video depicts the Prophet as a fool and a sexual deviant. For most Muslims, any portrayal of the Prophet is considered blasphemous.

A statement issued after talks between ministry officials and the telecoms regulator said it was technically impossible to shut down YouTube in Egypt without affecting Google's Internet search engine, incurring potentially huge costs and job losses.

"The government cannot carry out the contents of the verdict within Egypt's borders," the statement said. The only step the authorities could take was to block the offending film within Egypt, which had already been done.

Only the United States had the capability to shut down YouTube, it said.

"Blocking YouTube would affect the search engine of Google, of which Egypt is the second biggest user in the Middle East," the statement said. This would cause losses to the economy of up to hundreds of millions of Egyptian pounds (tens of millions of dollars) and affect thousands of jobs, it added.

In a statement, Google said it had created a simple mechanism for legal authorities to request the blocking of content viewed as illegal.

(Reporting by Tom Perry; Writing by Paul Taylor; Editing by Kevin Liffey)

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Maggie Smith: I haven't seen 'Downton'

NEW YORK (AP) — Millions of people have watched Maggie Smith on "Downton Abbey." But she's not one of them.

The 78-year-old actress, who portrays Lady Grantham in the popular PBS series, told "60 Minutes" that she hasn't watched the drama because doing so would only make her agonize over her performance. She said she may watch it someday.

Smith told Steve Kroft, in an interview to be televised Sunday, that what she takes from the role is "the delight of acting."

She has three Oscars, two Emmys and a Tony Award, but said the "Downton Abbey" role has given her more public recognition than anything in her career.

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Life, Interrupted: Crazy, Unsexy Cancer Tips

Life, Interrupted

Suleika Jaouad writes about her experiences as a young adult with cancer.

Every few weeks I host a “girls’ night” at my apartment in Lower Manhattan with a group of friends who are at various stages in their cancer treatments. Everyone brings something to eat and drink, and we sit around my living room talking to one another about subjects both heavy and light, ranging from post-chemo hair styling tips, fears of relapse or funny anecdotes about a recent hospital visit. But one topic that doesn’t come up as often as you might think — particularly at a gathering of women in their early 20s and 30s — is sex.

Actually, I almost didn’t write this column. Time and again, I’ve sat down to write about sex and cancer, but each time I’ve deleted the draft and moved on to a different topic. Writing about cancer is always a challenge for me because it hits so close to home. And this topic felt even more difficult. After my diagnosis at age 22 with leukemia, the second piece of news I learned was that I would likely be infertile as a result of chemotherapy. It was a one-two punch that was my first indication that issues of cancer and sexual health are inextricably tied.

But to my surprise, sex is not at the center of the conversation in the oncology unit — far from it. No one has ever broached the topic of sex and cancer during my diagnosis and treatment. Not doctors, not nurses. On the rare occasions I initiated the conversation myself, talking about sex and cancer felt like a shameful secret. I felt embarrassed about the changes taking place in my body after chemotherapy treatment began — changes that for me included hot flashes, infertility and early menopause. Today, at age 24, when my peers are dating, marrying and having children of their own, my cancer treatments are causing internal and external changes in my body that leave me feeling confused, vulnerable, frustrated — and verifiably unsexy.

When sex has come up in conversations with my cancer friends, it’s hardly the free-flowing, liberating conversation you see on television shows like HBO’s “Girls” or “Sex and the City.” When my group of cancer friends talk about sex — maybe it’s an exaggeration to call it the blind leading the blind — we’re just a group of young women who have received little to no information about the sexual side effects of our disease.

One friend worried that sex had become painful as a result of pelvic radiation treatment. Another described difficulty reaching orgasm and wondered if it was a side effect of chemotherapy. And yet another talked about her oncologist’s visible discomfort when she asked him about safe birth control methods. “I felt like I was having a conversation with my uncle or something,” she told me. As a result, she turned to Google to find out if she could take a morning-after pill. “I felt uncomfortable with him and had nowhere to turn,” she said.

This is where our conversations always run into a wall. Emotional support — we can do that for one another. But we are at a loss when it comes to answering crucial medical questions about sexual health and cancer. Who can we talk to? Are these common side effects? And what treatments or remedies exist, if any, for the sexual side effects associated with cancer?

If mine and my girlfriends’ experiences are indicative of a trend, then the way women with cancer are being educated about their sexual health is not by their health care providers but on their own. I was lucky enough to meet a counselor who specializes in the sexual health of cancer patients at a conference for young adult cancer patients. Sage Bolte, a counselor who works for INOVA Life With Cancer, a Virginia-based nonprofit organization that provides free resources for cancer patients, was the one to finally explain to me that many of the sexual side effects of cancer are both normal and treatable.

“Part of the reason you feel shame and embarrassment about this is because no one out there is saying this is normal. But it is,” Dr. Bolte told me. “Shame on us as health care providers that we have not created an environment that is conducive to talking about sexual health.”

Dr. Bolte said part of the problem is that doctors are so focused on saving a cancer patient’s life that they forget to discuss issues of sexual health. “My sense is that it’s not about physicians or health care providers not caring about your sexual health or thinking that it’s unimportant, but that cancer is the emergency, and everything else seems to fall by the wayside,” she said.

She said that one young woman she was working with had significant graft-versus-host disease, a potential side effect of stem cell transplantation that made her skin painfully sensitive to touch. Her partner would try to hold her hand or touch her stomach, and she would push him away or jump at his touch. It only took two times for him to get the message that “she didn’t want to be touched,” Dr. Bolte said. Unfortunately, by the time they showed up at Dr. Bolte’s office and the young woman’s condition had improved, she thought her boyfriend was no longer attracted to her. Her boyfriend, on the other hand, was afraid to touch her out of fear of causing pain or making an unwanted pass. All that was needed to help them reconnect was a little communication.

Dr. Bolte also referred me to resources like the American Association of Sexuality Educators, Counselors and Therapists; the Society for Sex Therapy and Research; and the Association of Oncology Social Workers, all professional organizations that can help connect cancer patients to professionals trained in working with sexual health issues and the emotional and physical concerns related to a cancer diagnosis.

I know that my girlfriends and I are not the only women out there who are wondering how to help themselves and their friends answer difficult questions about sex and cancer. Sex can be a squeamish subject even when cancer isn’t part of the picture, so the combination of sex and cancer together can feel impossible to talk about. But women like me and my friends shouldn’t have to suffer in silence.

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Suleika Jaouad (pronounced su-LAKE-uh ja-WAD) is a 24-year-old writer who lives in New York City. Her column, “Life, Interrupted,” chronicling her experiences as a young adult with cancer, appears regularly on Well. Follow @suleikajaouad on Twitter.

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Tech Companies and Immigrant Advocates Press for Broad Changes in Law

SAN FRANCISCO — What do computer programmers and illegal immigrants have to do with each other?

When it comes to the sweeping overhaul of the nation’s immigration laws that Congress is considering this year, the answer is everything.

Silicon Valley executives, who have long pressed the government to provide more visas for foreign-born math and science brains, are joining forces with an array of immigration groups seeking comprehensive changes in the law. And as momentum builds in Washington for a broad revamping, the tech industry has more hope than ever that it will finally achieve its goal: the expanded access to visas that it says is critical to its own continued growth and that of the economy as a whole.

Signs of the industry’s stepped-up engagement on the issue are visible everywhere. Prominent executives met with President Obama last week. Start-up founders who rarely abandon their computers have flown across the country to meet with lawmakers.

This Tuesday, the Technology CEO Council, an advocacy organization representing companies like Dell, Intel and Motorola, had meetings on Capitol Hill. On Wednesday, Steve Case, a founder of AOL, is scheduled to testify at the first Senate hearing this year on immigration legislation, alongside the head of the deportation agents’ union and the leader of a Latino civil rights group.

“The odds of high-skilled passing without comprehensive is close to zero, and the odds of comprehensive passing without high-skilled passing is close to zero,” said Robert D. Atkinson, president of the Information Technology and Innovation Foundation, a nonpartisan research group based in Washington.

The push comes as a clutch of powerful Senate Republicans and Democrats have reached a long-elusive agreement on some basic principles of a “comprehensive” revamping of immigration law. Separately, a bipartisan bill introduced in the Senate in late January focuses directly on the visa issue.

The industry’s argument for more so-called high-skilled visas has already persuaded the president.

“Real reform means fixing the legal immigration system to cut waiting periods, reduce bureaucracy, and attract the highly-skilled entrepreneurs and engineers that will help create jobs and grow our economy,” Mr. Obama said in Tuesday’s State of the Union speech.

In a speech in Las Vegas in January in which he introduced his own blueprint for overhauling immigration law, Mr. Obama embraced the idea that granting more visas was essential to maintaining innovation and job growth. He talked about foreigners studying at American universities, figuring out how to turn their ideas into businesses.

In part, the new alliance between the tech industry and immigration groups was born out of the 2012 elections and the rising influence of Hispanic voters.

“The world has changed since the election,” said Peter J. Muller, director of government relations at Intel, pointing out that the defeat of many Republican candidates had led to a softening of the party’s position on broad changes to immigration law. “There is a focus on comprehensive. We’re thrilled by it.”

“At this point,” he added, “our best hope for immigration reform lies with comprehensive reform.”

Mr. Case, the AOL co-founder, who now runs an investment fund, echoed that sentiment after meeting with the president last Tuesday.

“I look forward to doing whatever I can to help pass comprehensive immigration reform in the months ahead,” he said, “and ensure it includes strong provisions regarding high-skilled immigration, so we are positioned to win the global battle for talent.”

That sort of sentiment delights immigrants’ rights advocates who have banged their heads against the wall for years to rally a majority of Congress around their agenda.

“The stars are aligning here,” said Ali Noorani, executive director of the National Immigration Forum. “You’ve got the politics of immigration reform changing. You’ve got tech leaders leaning in not just for high-skilled but for broader immigration reform.”

Senator Orrin G. Hatch, Republican of Utah, who is co-sponsoring the bill to increase the number of visas available for highly skilled immigrants, said the cooperation went both ways.

“All the talk about the STEM field — science, technology, engineering, mathematics — has awakened even those who aren’t all that interested in the high-tech world,” he said.

While the growing momentum has surprised many in Washington, comprehensive change is still not a sure thing, especially in the Republican-controlled House.

Mr. Hatch said he would push forward with his measure even if the broader efforts foundered. But his Democratic co-sponsor, Amy Klobuchar of Minnesota, said she would press for the bill to be part of the comprehensive package.

Last year, technology executives had a taste of what could happen with stand-alone legislation.

Julia Preston contributed reporting from New York.

This article has been revised to reflect the following correction:

Correction: February 13, 2013

An earlier version of this article misstated the current basic annual cap for H-1B visas. It is 65,000 a year, not 60,000.

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High stakes if Apple e-books antitrust case goes to trial

NEW YORK (Reuters) - As the only remaining defendant in the U.S. government's e-books antitrust case, Apple Inc appears headed for a high-stakes trial that could significantly increase the personal computer company's liability in related litigation.

Apple faces a June 3 trial date over civil allegations by the U.S. Department of Justice that it conspired with five publishers to raise the price of e-books and to fight the dominance of Amazon.com Inc.

On Friday, Macmillan became the fifth and final publisher to settle with the government. The Justice Department alleges that Apple came to agreements with each of the publishers meant to ensure that e-book prices at its iBookstore and other retailers would remain higher than those offered by Amazon.com.

At the Apple trial, to be overseen by U.S. District Judge Denise Cote in Manhattan, the Justice Department will seek not monetary damages but a judicial decree that Apple violated antitrust law, court papers said.

Among other things, government lawyers want the judge to issue an order enjoining Apple from engaging in any conduct similar to that alleged in the case. Such a judgment could make Apple vulnerable to steep damages in related litigation.

Apple and the publishers also face a class-action suit filed on behalf of consumers and a similar suit filed by dozens of state attorneys general. Neither suit puts a figure on the exact amount of damages sought.

The Consumer Federation of America estimated in a letter last year to the Senate antitrust subcommittee that e-book price fixing would likely cost consumers more than $200 million in 2012. State and federal antitrust laws allow plaintiffs to recover triple the amount of actual damages established at trial.

If Apple loses against the Justice Department, those plaintiffs would be in a "powerful position" to win their cases, according to Harry First, a professor at New York University School of Law specializing in antitrust.

Under the Clayton Act, an antitrust statute, plaintiffs can use judgments obtained by the U.S. government as evidence against defendants.

If Apple loses, it is unclear whether both the states and the private plaintiffs will be able to seek and recover damages for the same conduct.

By contrast, if Apple were to prevail, it would cause "a lot more trouble" for the plaintiffs in the other cases, First said.

Apple declined to comment. It still may settle with the U.S. government.

In December, Apple and four publishers came to an agreement with European Union regulators over their antitrust probe into e-books. The fifth publisher, Pearson Plc's Penguin group, also under investigation, was not part of the European deal announced in December.

LITTLE TO GAIN

Apple may have little to gain by going to trial in the United States, according to some legal experts.

Under settlements with the Justice Department, the five publishers were required to terminate or not renew deals with Apple and other retailers that the government claimed were anti-competitive.

Apple and the government have less to argue over since those deals have been undone, Daniel Crane, a law professor at the University of Michigan Law School, said.

"What are they fighting over?" he said.

Crane added that Apple may be interested in going to trial to establish an antitrust principle that might help other aspects of its business such as content deals with entertainment companies.

The trial would be a big test for the Justice Department's Antitrust Division, which has sought to enhance its reputation for its trial capabilities under the Obama administration.

The government has been represented by Mark Ryan, who is director of litigation, a new position in the Antitrust Division. Ryan, who began in January 2012, was hired by Joseph Wayland, the former acting assistant attorney general for the Antitrust Division.

Last year Wayland cited Ryan in a speech about the Antitrust Division's focus on enhancing its litigation capabilities. Under the Obama administration, the Antitrust Division has scored a number of high-profile trial victories, including a criminal price-fixing case against Taiwan-based AU Optronics Corp last year and a successful challenge of H&R Block Inc's acquisition of 2SS Holdings Inc, developer of the TaxACT digital tax preparation business, in 2011.

Apple is represented by lawyers at Gibson, Dunn & Crutcher. One of the law firm's attorneys who recently made an appearance in the case, Orin Snyder, won a favorable settlement last year for Voom HD Holdings, once a unit of Cablevision, following a trial against Dish Network.

Voom sued Dish for $2.4 billion alleging it violated a 15-year contract to carry a suite of high-definition channels, including those devoted to Kung Fu and video games. Under the settlement, Dish agreed to pay $700 million to Cablevision and AMC Networks, which Cablevision spun off last year.

The case is United States v. Apple Inc et al, U.S. District Court, Southern District of New York, No. 12-02826.

(Reporting by Andrew Longstreth; Editing by Howard Goller and Eric Beech)

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