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TheStreet Open House

Wal-Mart Drops Prices for Apple iPhones and Samsung Galaxy S4

NEW YORK (TheStreet) - Wal-Mart (WMT) is following in the footsteps of Best Buy (BBY), shedding their excess smartphone inventory through pricing deals for customers who buy their smartphone at one of Wal-Mart's participating stores.

The move comes as retailers gear up for the next versions of smartphones, due out within the next five months. Samsung's Galaxy S5 is due in stores in early April.

Rumors of Apple (AAPL) iPhone (Will it be called the iPhone 6 or the iPhone Air?) have started to circulate with one Wall Street analyst speculating that the newest version could come in late summer.

Wal-Mart announced Wednesday that it was lowering the price on the iPhone 5s 16GB to $119 from $145 and the iPhone 5c to $29 from $45. It's also dropping the price on the Samsung Galaxy S4 to $49 from $99.

The lower prices will be available for a minimum of 30 days, the retailer says. Customers must sign up for or renew a two-year contract through AT&T (T) or Verizon (VZ), but not Sprint (S). Approximately 3,400 Wal-Mart stores are participating.

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