NBC and others are calling Nevada for Clinton. With 59% of precincts reporting, Clinton has 50% to Obama's 45%. Not good news for the Obama campaign. He has to win South Carolina. He will need that momentum to get on top on February 5th.
Update: With 78% of precincts reporting, the numbers are remarkably close. Still a 50% to 45% split, with about 9,000 caucusing Nevadans counted so far, there is only a difference of about 500 caucus votes. Not a crushing defeat by any means, but it does give Clinton 3 of the 4 states to weigh in so far (not that Michigan counts for much...).