The flurry of promotions in the wireless industry are taking a toll on America's biggest phone companies - AT&T Inc. and Verizon Communications Inc. Verizon said Monday that fourth-quarter wireless margins will be hurt as phone discounts and price promotions led to a surge in new monthly subscribers. On Tuesday, AT&T Chief Financial Officer John Stephens said that rival promotions are luring away some customers and squeezing margins this quarter.