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Apple Softens Stance On iPhone Discounts As iPhone 5 Launch Nears

Sluggish iPhone sales in the final quarter of FY 2012 seem to have finally forced Apple’s (NASDAQ:AAPL) hand. In a departure from its usual hardline stance on iPhone pricing, the tech giant has authorized the Apple Store employees to match the discounts offered on the iPhone by other retailers such as Target (NYSE:TGT) and Best Buy (NYSE:BBY). This comes on the back of Sprint (NYSE:S) slashing $50 off the subsidized iPhone 4S price last week. While it is early to read into these developments considering that the iPhone 5 launch is nearing and the holiday quarter will shortly be upon us, it does seem that ahighly competitive smartphone market as well as theone-year product cycle of the iPhone are finally catching up with Apple.