Wal-Mart To Sell $97 iPhone (WMT, AAPL)

Wal-Mart WMT has announced that it is slashing the price of 16GB 3GS iPhones to $97, from the existing price of $199. The price cut will be effective starting Tuesday. The move is likely to clear out remaining inventory of 3GS, as Apple AAPL is expected to introduce a newer version of iPhone next month. The deal would require a two-year contract with AT&T ATT. Mehrdad Akbar, Wal-mart’s (WMT) senior category director for wireless, said, “It is our commitment to always lead on price.” CNN has reported that Wal-Mart’s price at $97 undercuts the $99 price tag several analysts had anticipated.