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Microsoft cuts price of Xbox 360

A week after Sony announced a $299 redesigned PS3, Microsoft today has said it plans to cut the price of its 120 GB, HDMI-enabled Elite console by $100, bringing its price point in line with the PS3. The $299 Elites will no longer include an HDMI cable. Also, the Pro units, which currently retail for $249, are being phased out and will no longer be produced. The Arcade unit, which does not include a hard drive, will remain $199.