Plus, Research In Motion is down this morning on poor earnings.
US stock futures are down more than 1% Friday morning after Republicans in the House of Representatives were unable to muster even enough consensus to pass Speaker Boehner's "Plan B" bill. Dow futures were down as much as 260 handles last night, but have recouped a portion of those losses and are down around 180 this morning. It was an embarrassing and chaotic scene on the floor of the House as factions of the GOP shouted at each other; following the vote, the House simply closed business through Christmas, leaving the Senate and president to deal with the fiscal cliff mess. Speaker Boehner's credibility is not severely undermined, and it remains to be seen who takes the mantle in the fiscal cliff negotiations for the Republicans.
This is not the ideal scenario for the market on a typically low-volume quadruple witching Friday. Today's session could be volatile as the possibility of going over the cliff seems way more real.
The biggest loser, unrelated to the fiscal cliff, this morning is Research In Motion (NASDAQ:RIMM). The struggling mobile handset company reported earnings that fell well short of Wall Street's expectations, and the stock is down more than 13% this morning. The stock had seen a bit of a resurgence in recent months in anticipation of the January release of BlackBerry 10, but it looks like those expectations will need to be pared down.
Marc Sperling is long GS, RIMM, ZNGA, DELL, ANTH, GNRC, MCP, FB, DNDN, AOL, ALNX, AIG, RKUS, AMD, UA, JAZZ, PANW, MNST, SIMG, AAPL, AMZN, C, CMG, SHOS. Marc is short VXX.