9to5Mac is reporting this afternoon that Wal-Mart is making a couple of drastic price cuts to the iPhone 5 and the iPad 4th generation. Effective today, the iPhone 5 is now $127, and the iPad fourth generation will be available for $399. These deals will apparently remain in effect for 30 days.
I personally called 2 Wal-Marts in my area to no avail, with employees from both telling me that they had heard nothing. I then asked one of them to check their computer to see if any changes had gone into effect recently, and was assured that the iPad 4th generation is still $499. They did, however, tell me that the iPad 3rd generation is now $399 so this may be a mistake made by 9to5Mac’s sources. However, after further investigation, their sources have indeed confirmed it to be the 4th generation tablet.
I highly doubt that Wal-Mart is dropping the 4th generation iPad’s price to $399 for one obvious reason. 9to5Mac has also reported that starting Monday, that very same iPad will be also come with a $30 iTunes gift card. To sell a $499 device at $399 and also offer a gift card is almost ridiculous — much more so than the iPhone 5 being priced at $127. This makes sense with the iPad 3rd generation, though, because the device is now discontinued and it would be in Wal-Mart’s best interests to clear their stock.
Update: Apparently my assumptions were correct because 9to5mac has since updated their story to say that the iPad on sale is indeed the 3rd generation model.