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Verizon Wireless once promised customers an unrivaled network with clear calls and fast downloads in exchange for expensive cellphone service.

But no longer. With network improvements industrywide, a price war is breaking out.

Verizon Wireless and AT&T Inc. warned separately this week that their fourth-quarter profits probably would take a hit because they had to keep up with discount pricing in an increasingly competitive market in the last year.

Shares of all four major U.S. carriers tumbled Tuesday, ranging from about 3% at AT&T to more than 8% at T-Mobile US Inc.

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