The iPhone 4S (AAPL) is likely to start off as a margin killer for Verizon (VZ), AT&T (T)...

|By:, SA News Editor

The iPhone 4S (AAPL) is likely to start off as a margin killer for Verizon (VZ), AT&T (T) and Sprint (S) in the first quarter of sales for the new phone, Wells Fargo says, hiking expectations for VZ iPhone activations by 29% to 4.5M but trimming a penny off expected Q4 EPS. Because of subsidies given to consumers, the more iPhone demand, the bigger the hit to the quarter’s bottom line.