The title is based on a saying that if three people share a match tragedy follows.
Story of three woman--Mary (Joan Blondell), Vivian (Ann Dvorak) and Ruth (Bette Davis). They are friends in grade school but go their own separate ways--Mary ends up in jail, Vivian marries a wealthy husband and Ruth becomes a stenographer. Ten years after school they meet and share a match--and tragedy follows. There's a LOT more to this but I won't spoil it by giving it away.
This moves VERY quickly--so fast that you don't have time to question some of the more silly aspects of the story. It's also pretty potent (this was made pre-Code) with some fairly graphic scenes toward the end. The acting is basically pretty good except for Davis. She's pretty terrible--but this was one of her first films. Even she dismissed this in later years. Blondell however is great and Dvorak is just perfect. She has some difficult scenes to play and pulls them off. Lyle Talbot is also very good (and very handsome) as Michael. There's also a pre-stardom Humphrey Bogart (looking surprisingly young) playing a vicious hood.
Fast, racy and loads of fun. Just don't think about it too much afterwards. I give it an 8.