Updated: 360 Premium Bundle Getting Cut to $299?

Update:

At least one well known analyst agrees with the notion of cutting the price of the Xbox 360. Michael Pachter told GI.biz that “putting Microsoft’s cost advantage together with Sony’s reticence to lose more money, it’s easy to conclude that you will see Microsoft reverse course and be a price leader.” We’ll find out whether this is true soon enough!

Original story:

Uh huh. As I suspected, Microsoft may be planning on cutting the price of at least one of the 360 SKUs by $50.

An anonymous tipster has contacted Joystiq with a mini-scan of a supposed Kmart flyer set to go out the week of July 6. The image clearly shows an Xbox 360 placed beside a “new low price” graphic, revealing that the 20GB console (the Premium bundle) will be sold at $299, down $50 from $349.

According to Joystiq, “We’re currently attempting to confirm this information with some of our other retail contact, while our source is attempting to get a full page scan of the Kmart flyer.” There has been no word yet on whether this would affect the Elite or Arcade units.