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May 24, 2006
Zero Surprise: Vonage Tanks
Vonage's IPO is turning into a bust -- it's down to $15.15 from a $17.00 opening -- which should come as no surprise to anyone paying attention. After teetering at the edge, Skype's decision to go free in North America pushed Vonage right off the cliff.
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Been a reasonably happy Vonage subscriber for a few years now. I'd never have bought the stock. Did you read that prospectus? Scarier than H.P. Lovecraft..
Via GMSV, comes these bon mots from Associated Press:
"Anthony Sgroi of Bergen County, N.J., has had Vonage service for a year and half, and asked for 1,000 IPO shares. He received 300. Other Vonage customers on an online forum reported similar allocations, indicating strong interest from the group.
It wasn't the company's long-term prospects that attracted Sgroi to the deal, however.
"I'm not a big stock market guy ... when I got the option to buy the IPO, I figured it was a chance to make some quick cash," Sgroi said. "I was planning to sell within a week or so anyway."
He sold the stock Wednesday morning at a loss. Now, he plans to cancel his Vonage account and switch to the local cable company's competing service, which he said would save him $10 a month.
"I'll try to recoup some of my losses that way," Sgroi said."
Too funny . . .