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Sony undercuts Xbox price tag

The Japanese consumer electronics giant priced its new PlayStation 4 console $100 lower than Microsoft's (MSFT) Xbox One as competition for gamers' money accelerates ahead of the critical holiday season. Sony (SNE) will sell PlayStation 4 for $399, starting late this year. It said the new model will run older games and doesn't need an Internet connection. Microsoft priced its 1st new Xbox in 8 years at $499. The Xbox One is slated to go on sale in the U.S. in Nov. Sony shares rose 0.9%. Microsoft fell 1.8%.