Apple 's iPhone Subsidy 'iPain' May Be Over for Verizon, AT&T

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Such a scenario would turn Apple's relationship with the likes of Verizon and AT&T from a money-making machine to a growth drag. It would also clear the air on a hazy outlook for the telecom sector .

Watch Apple and AT&T's guidance, in addition to analyst and investor commentary to see if language surrounding the direction of subsidies points to a fourth quarter 2012 peak.

For more on Apple's shares, see why investor amnesia might make the company an obvious 2013 value

-- Written by Antoine Gara in New York