You always know a new iPhone is coming when the price on the current model drops, and so it begins: Sprint has reduced the price of a new 16 GB iPhone 4S to $149.99, a drop of $50. The carrier is also waiving its activation fee. The offer is shown on Sprint’s website. Price cuts of $50 also apply to the 32GB iPhone 4S, down to $249.99, and the 64GB model, reduced to $349.99. Verizon Wireless and AT&T declined to comment Tuesday to NBCNews.com on whether they’ll lower their prices on the 4S. But odds are they won’t be too far behind Sprint. Read the full story at NBC News.