Wal-Mart and Amazon engage in book price wars

Chicago Wal-Mart and Amazon.com have begun trading price cuts on books, according to a report by the Associated Press.

Both began offering new books online for $9, beginning Thursday.

The book discounts, which also include Sarah Palin's "Going Rogue" and John Grisham's "Ford County," are a cut of 60% or more from cover prices, which means the two competitors are likely selling the titles at a loss.

Hardcover releases, which typically have a suggested retail price of at least $25, are generally sold to merchants with a wholesale price that's a 47% discount.

No word on whether the discounts would be offered in-store as well.