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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 $41.50 0.00%
WMT $64.98 0.00%
AAPL $110.38 0.00%
FB $92.07 0.00%
GOOG $626.91 0.00%


Chart of I:DJI
DOW 16,472.37 +200.36 1.23%
S&P 500 1,951.36 +27.54 1.43%
NASDAQ 4,707.7750 +80.6910 1.74%

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