GameStop Swoons as Walmart Chops Video Game Prices
GameStop (GME) shares are trading lower after Walmart (WMT) this morning announced price cuts on many video games. Walmart also unveiled a plan to offer $50 gift card to customers who buy a $199 Nintendo Wii.
Walmart said it will discount the top 25 video games by 15-20 percent through December 24. The Nintendo gift card offer starts December 5 and runs through December 12.
A quick check of Amazon.com (AMZN) finds that the online retail giant–which over the last few weeks has been engaged in a price war that has included books and DVDs–has matched some of the cuts by Walmart, and in at least one case, has undercut Walmart.