According to The Atlantic:

"Michele Bachmann, who took sixth place in Tuesday's Iowa caucuses, appears to be having second thoughts about the rest of the race. She's canceled a planned trip to South Carolina and instead will make some kind of announcement at 10 a.m., Iowa time. At ABC, The Note is reporting that "speculation is running high that she cut short her presidential bid," even though she "promised to soldier on." That presser won't be until 11 a.m., EST, which is plenty of time for rumors to seep out. We'll let you know if they do."

This comes right after Governor Rick Perry has apparently suspended his campaign also.

UPDATE: 

So here they are.....Hermetically sealed in a mayonnaise jar on Funk and Wagnalls front porch....My predictions for the Iowa Caucuses.

1.  Mitt Romney will pull out a very small win over Ron Paul.  Paul will claim this as a huge victory, even though the Governor of Iowa has already declared it meaningless, EVEN if Paul pulls out a win as a vast majority of people who will caucus for Paul aren't Republicans at all.  Iowa House Speaker Kraig Paulsen said it best, “I don’t think any candidate perverting the process in that fashion helps [the caucuses] in any way."

2.   There are still 41% undecided or willing to change their minds.  This will bode well for Newt Gingrich and Rick Santorum, which will finish 3rd and 4th respectively. 

3.   Rick Perry will finish a distant fifth with Michele Bachmann following in sixth. Bachmann's campaign will be over by the end of the week.  Perry will fight on until South Carolina.

4.  Jon Huntsman, by no surprise, will end up last.  Unless you count Thad McCotter and Buddy Roemer.  Huntsman will continue to be a burr under Romney's saddle in New Hampshire, but won't survive much past that. 

All in all I think the biggest surprises will come from the better than expected finishes of Gingrich and Santorum and the worse than expected of Bachmann. 

The New Hampshire Secretary of State's office is reporting that Minnesota Congresswoman Michele Bachmann has filed for the New Hampshire primary by mail after all five of her NH campaign staff resigned less than a week ago.  So far, Bachmann is the only candidate to file by mail as almost all other major candidates have either filed in person or sent a staffer to file for them.  According to the SOS, Mitt Romney, Newt Gingrich, Rick Santorum and Jon Huntsman have all filed in person while Herman Cain and Ron Paul sent campaign staffers.  Texas Governor Rick Perry has failed to file as of yet.  

If Bachmann doesn't pull at least a second place showing in Iowa she's history.  Based on current polls, Iowa is a two man race between Romney and Cain with the rest of the field lagging far behind.  I will say though, that I think Iowa will pump at least another month's worth of life into former Pennsylvania senator Rick Santorum's campaign as I think he will probably finish ahead of most of the other candidates.