In 1924, the Valentinos and Naldi traveled to France in order to do research for the film "The Hooded Falcon". which was never made. Upon returning to California, the duo made "Cobra". The film was not well received, and "Cobra" became the last film in which Naldi and Valentino starred together. The Valentinos' marriage was ending around this time. After Valentino signed a contract with United Artists, he banned Rambova from the set. She was given her own film as a consolation. Naldi starred in Rambova's 1925 production "What Price Beauty?" The film suffered distribution problems, was barely noted at the time, but is noteworthy for being actress Myrna Loy's first screen appearance.