Sony's PlayStation 3 price cut will place the Japanese company's flagship console closer to where the Xbox 360 is now, but Microsoft may have a retaliatory trick up its sleeve. Next Generation quotes a Wedbush Morgan Securities analyst as saying Microsoft will announce a price cut for the Xbox 360 tomorrow, right as the new E3 show kicks off. The price cut will reportedly hit all three variants of the console: the $299 Core model will drop to $249, the $399 Premium version will go down to $349, and the $479 Xbox 360 Elite will sink to $399.
That said, the analyst apparently didn't reveal when the purported price cut will actually take effect. Sony's PS3 cut will be applied in August, but it could take until the Fall for the Xbox line to go down in price. According to Mercury News writer Dean Takahashi, that's when Microsoft will introduce the revamped version of the 360 based on 65nm hardware.
Update: It looks like the PS3 price cut is already in effect at stores like Amazon, Best Buy, and Circuit City.
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