Sony's denial about announcing a price drop apparently doesn't mean that it's not happening. Recently Circuit City and Best Buy lowered the price of the PlayStation 3 by $100 to $499.99.

And now, in what appears to cast doubt on the promotional offer theory of the price cut, department store Target has also lowered the price of the console by $100.

Does this mean that Sony is waiting till E3 to announce the price drop or have retailers decided to offer a lower price anyway? Either way, one hopes this spurs sales, as PS3s have been sluggish in moving off the shelves.