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GameStop Tanks as Wal-Mart Cuts Prices

NEW YORK ( TheStreet) - GameStop's (GME - Get Report) stock is tanking after Wal-Mart (WMT - Get Report) announced it is cutting prices on video games.

On Wednesday, the discount behemoth said it is offering a 15% to 25% discount on top 25 video games, including Mario & Sonic at the Winter Olympics and Madden 2010.

It will also reward shoppers who purchase a Nintendo Wii console with a $50 gift card.

As a result, GameStop is tumbling 8.5% to $21.83 in morning trading. Shares of Wal-Mart are flat at $54.74.

While no hard data is available, investors feared sales of video games were not as strong as expected over the holiday weekend.

-- Reported by Jeanine Poggi in New York

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GME $39.88 -0.99%
WMT $79.26 -0.14%
AAPL $132.95 0.23%
FB $81.48 -0.52%
GOOG $555.31 -0.01%


DOW 18,094.22 +56.25 0.31%
S&P 500 2,112.43 +3.51 0.17%
NASDAQ 5,064.9490 +4.7030 0.09%

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