Walmart has slashed prices on its iPhones by as much as $74 and selling the iPhone 4 for as low as $88.
Walmart's site still lists the iPhone 4 at $117 ($29 more expensive than in-store), and notes that "store pricing may vary" for the 4S. It could just be a slow rollout, though. Walmart had a similar price drop last June in advance of the iPhone 4S release, so the move would make sense given the possible summer announcement of Apple’s next mobile device.
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While Cult of Mac blamed the price cuts on Walmart's low profit margin, they obviously don't know Apple. Apple denied Target and other retailers a price cut last Christmas season, so these prices have to be made with the prior approval of Apple -- likely after a certain time period has passed. It also seems to us that stores would be officially allowed to rid themselves of inventory before the iPhone 5 goes on sale.