iPhone 5 Release Date: LIVE - iPhone 4S Model Prices Revealed

Apple's press conference today revealed the models, prices and release date of the "iPhone 4S."

Phil Schiller, senior vice president of worldwide product marketing at Apple Inc., took the stage and revealed several details on the company's brand new smartphone. The "iPhone 4S" will come in these models for these prices. These listed prices are the ones available to those with cellphone carrier contracts:

64GB for $399
32GB for $299
16GB for $199
8GB only, $99

Also revealed was Apple's 8GB "iPhone 3GS" model will be free to contracted customers.

"iPhone 4S" pre-orders are set to begin this Friday. The phone will ship on Friday, October 14. Apple's Smartphone will be available on AT&T, Verizon and Sprint.

When the company's official release of the "iPhone 4S" is complete, the iPhone will be available in 70 countries and on 100 cellphone carriers.

Sprint is predicted to buy 30.5 million iPhones in the next 4 years.

Critics argue that Apple’s choice of the Sprint carrier was a wise move, primarily because Sprint’s cheap rates will allow more coverage for more people.

What will this do for Sprint stock? Forbes Magazine predicts that Sprint is biting off more than it can chew, and such a large investment will cause it to hit rock bottom.

“No wonder Sprint’s stock was down 10 percent in yesterday’s trading session and is seeing heavy selling this morning,” reported Forbes.

Sprint bonds are currently at their lowest level since May 2009. The expensive deal it has made with Apple proves risky, and depending on sales, this product could make or break Sprint as a company.

Verizon and AT&T must settle on carrying current Apple products until it will be permitted to carry the 4S next year.

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