Astronomers discover a comet that they believe will crash into Phoenix, Arizona. They attempt to warn officials, but without 100% certainty, the governor of Arizona is reticent to cause a panic. Even after a television news reporter discovers the truth and threatens to go live with it, the response is understated enough to doom some residents of Phoenix to certain death.

Charlie Mason and Rusty Fleming are star reporters on a Chicago tabloid who are romantically involved as well. Although skilled in ferreting out great stories, they often behave in an unprofessional and immature manner. After their shenanigans cause their frustrated city editor to resign, the publisher promotes Charlie to the job, a decision based on the premise that only a slacker would be able crack down on other shirkers and underachievers. His pomposity soon alienates most of his co-workers and causes Rusty to move to New York. Charlie resigns and along with gangster friend Smiles Benson tries to win Rusty back before she marries a stuffy society author.

After "The Poseidon Adventure", in which the ship got flipped over by a tidal wave, the ship drifts bottom-up in the sea. While the passengers are still on board waiting to be rescued, two rivaling salvage parties enter the ship on search for money, gold and a small amount of plutonium.