From CNN:

Rick Perry is telling supporters that he will drop his bid Thursday for the Republican presidential nomination, two sources familiar with his plans told CNN.

The Texas governor will make the announcement before the CNN debate in South Carolina, the sources said.

The South Carolina primary takes place Saturday.

Perry had poor showings in Iowa and New Hampshire, and had said he would launch a bid to win in South Carolina.

No word on who - if anyone - he will endorse.

Perry was at least partly the victim of sky high expectations not meeting the reality of the kind of candidate he was. His stumbling, fumbling public appearances never matched the image of competence and strength with which he sought to portray himself.

To have been so high and fallen so low is an object lesson for politicians who would seek the highest office in the land - and not be ready for it.