Stock futures tumble, tax bill failure may make deal unlikely

Stock futures were sharply lower on Friday, dropping more than 1 percent after a Republican proposal for averting the "fiscal cliff" failed to pass, further eroding optimism that a deal would be reached quickly.

* Nike Inc late Thursday reported second-quarter earnings that handily beat expectations on strong demand in North America. Software distributor Red Hat Inc posted third-quarter revenue that beat expectations.

* U.S.-listed shares of Research in Motion slumped 10 percent to $12.68 in premarket trading a day after reporting the first ever decline in its subscriber numbers and outlining plans to transform the way it charges for its BlackBerry services.

(Editing by Chizu Nomiyama)