V-Access, EarthLink deals? Seems Vonage shareholders could give a ....

I'm at the IP Telephony show in Fort Lauderdale. Tomorrow I am on a panel, after which I'll catch keynotes from key execs from Vonage and Cisco. And of course I will report.

Not a bad place for a conference. I awoke this morning to the scene of yachts and smaller pleasure craft literally 10 feet out the back window of my room.

The beautiful weather here portends smooth sailing. The same descriptor could not be used for Vonage stock.

While I am not a financial analyst by profession, I do know enough to point out that investor's reactions to corporate initiatives often are indicators to how effective those initiatives are viewed and will be.

Just in the last couple of weeks, Vonage has announced two such initiatives: the start of a triple-play services effort that involves the resale of EarthLink muni wi-fi, and now the launch of V-Access provides an access number to make calls to any Vonage phone number (or an 800-number) without paying long distance or international fees.

Investor reaction to this point? OK, as of last check the price this morning was $5.79 a share and going down. If this level holds by closing time at 4 p.m. ET, that will mark the lowest price for Vonage stock since it went public last February.

Something is wrong here. It appears to me that these strategic initiatives on Vonage's part not only are inadequate to offset deep-seated concerns about Vonage's future, but they are seen as futile and inconsequential.

If I were a Vonage stockholder, I'd be reaching for the Maalox. Or maybe something stronger...