Tuesday morning headlines

Sharp drop in stocks: Only so-so earnings reports could be playing a role. Dow is down more than 100 points in early trading.

B of A does well: Excluding a big one-time charge, earnings easily topped analyst expectations, mainly the result of a sharp drop in losses tied to defaulting loans. (AP)

Holiday season a bit merrier: Shoppers plan to spend an average of $688.87 in 2010, a slight increase from a year earlier, but below the amount spent in 2007, before the recession. (LAT)

Tribune Co. CEO headed out: The board is expected to ask for the resignation of Randy Michaels, whose frat house approach to management has made the parent company of the LAT a corporate laughingstock. (NYT)

Disney picks up Marvel films: The Mouse House has agreed to pay Paramount at least $115 million for distribution rights to "Iron Man 3" and the "Avengers." Paramount was hired to distribute Marvel films before the company was bought by Disney. (Bloomberg)

IHOP sues church: The Glendale-based restaurant chain wants the International House of Prayer to stop using its IHOP trademark. (LAT)

Another bump in gas prices: An average price of regular in the L.A. area is $3.154, up more than a nickel from last week, according to the government's survey.

Oxy profit rises: Oil and gas prices improved from year-ago levels and production increased. Earnings for the L.A.-based energy company beat expectations. (MarketWatch)

William Morris HQs for sale: Or more specifically, a loan on the three-building property in Bev Hills. The complex is in the process of being foreclosed on. (THR)

Jack Welch nixed Newsweek-Daily Beast deal: The former GE CEO, who was brought in to advise Daily Beast owner Barry Diller, recommended that Diller drop out. (NY Post)