Tuesday morning headlines

Stocks taking big dip: Maybe it's falling oil prices or disappointing earnings news. Whatever the case, the Dow is down more than 100 points.

Oil prices fall: Potentially good news for motorists, but the drop also reflects softer demand, which is bad for the economy. NY crude is trading at under $109 a barrel. (Reuters)

Carmakers warn of shortages: The Japanese earthquake has clouded Ford's financial outlook, perhaps resulting in lower production. Toyota has told dealers that the company is manufacturing cars and trucks at reduced levels. (Detroit News)

Japan plant disaster as bad as Chernobyl: At least according to a rating of nuclear accidents (though the experts say that Chernobyl was a lot worse). From the NYT:

Much of the radiation release happened within a week of the March 11 earthquake and tsunami, which ravaged the Fukushima plant, raising questions about the delay in acknowledging the severity of the crisis. [Hidehiko Nishiyama, deputy director general of Japan's nuclear regulator, the Nuclear and Industrial Safety Agency], stressed that unlike the disaster at Chernobyl, where the reactor itself exploded and fire fanned the release of radioactive material, the containments at the four troubled reactors at Fukushima remained intact over all. Far less radiation has been released so far, he said, though he admitted that radiation leaks continue from Fukushima Daiichi as workers struggle to bring four of the plant's six reactors under control.

Shares of 99 Cents Only Stores take off: A major shareholder for the City of Commerce-based retailer says the business is worth a lot more than what a management group is offering. From the LAT:

The FBR Focus Fund, an Arlington, Va.-based mutual fund that owns 5.5% of the retailer's stock, sent a lengthy letter to 99 Cents Only's board of directors saying that if the company was for sale the board had an obligation to actively shop it around to all potential bidders.

Fired construction chief gets year's severance: Larry Eisenberg, who headed the Community College District's troubled campus construction program, will collect his $211,000 salary. The board of trustees exercised a buyout option rather than dismiss him for cause, which could be expensive and drag out. (LAT)

NBC diversity executive to step down: Paula Madison, former general manager of KNBC-TV Channel 4, is leaving the company after 22 years to focus on her family's investment business. She's the highest ranking executive to leave NBC since Comcast took over the place. (LAT)

Frontier Airlines leaving Long Beach: It's part of the airline's reshuffling of West Coast operations. Jet Blue and Allegiant will pick up the slots that Frontier had been using. (Press-Telegram).

Impact of NYT pay wall: Visits have fallen between 5 percent and 15 percent since the paper limited the number of free articles available online, according to hitwise.com.