Verizon (VZ) may spend $3B to $5B in subsidies to move its iPhone 4 (AAPL), so while the device...

|By:, SA News Editor

Verizon (VZ) may spend $3B to $5B in subsidies to move its iPhone 4 (AAPL), so while the device may win it subscribers from AT&T (T), it will also crimp its own profits. "You basically write customers a $400 check," says UBS. Verizon earnings will drop to $2.20/share in 2011, from an estimated $2.26/share in 2010, says UBS.