Sony (SNE) says it is cutting the price of its PlayStation 3 gaming console by $50 in an attempt to drum up demand for the 5-year-old video game console.
It's now $249, down 17 percent.
The last time Sony Corp. lowered the price of the PlayStation 3 was in 2009.
The price cut announced Tuesday comes less than a month after rival Nintendo Co. cut the price of its handheld Nintendo 3DS player. The 3DS launched with much fanfare but lost sales momentum. That device lets players view 3-D games and videos without special glasses. But the value of 3-D is not apparent to everyone. The iPhone and other smartphones are also competing with handheld gaming devices.
Sony is launching its handheld PlayStation Vita in the U.S. early next year.
Understanding Stock Market Indexes
What does it mean when people say "the market is up 2%"?View Course »