Going lower. Why am I not surprised. We are coming up on Vonage earnings for a year where the CFO quits, the CMO quits, the PR firm is being ousted, the advertising firm is being fired (not renewed), and Chairman of the Board (founder, strategy officer) has sold and sold and insider sold hundreds of thousands of shares, while sales for competitors like Magic Jack and 8x8 are also under great competition facing challenge too. Reality sets in as down it goes.
A brief pop from sojourner momo traders amounts to short lived fun. A couple of tweets. Then fly-by-night shows up saying VG is "on fire". Quick in, quick out. The amateurs get so excited. In a flash, the momo's are gone-- or stopped out on the drop as the wiser momo's move on to the next temporarily popping name. That's why you can't take your investment cues from spikes caused by chasing daytraders who blow through town like their own wind, all on a whiff of non-earnings, tertiary news.
Smart money takes cues from the hard facts: another CMO gone every few years, Daytec ethics, patent filings as distractions, pretending to be a tech company, Magic Jack, lowering prices instead of winning with new product lines, and, ultimately, a monolithic headwind of net-profit growth challenges.