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Vonage Offering Discounts to Existing Customers, Pushing Share Prices Down Even Further

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Vonage shareholders saw the price of their shares drop even further when analyst at Pali Research downgraded the stock after discovering that the voice-over-internet phone company was offering existing customers a discount rate of $19.99 to convince them not to switch carriers. New customers are currently asked to pay $24.99. The discount seems to indicate that Vonage is having difficulty retaining customers, which doesn't bode well for the company.
And the screw turns another notch tighter.
Vonage Cut to `Sell' at Pali on New Discount Offers [Bloomberg]