One look at the financial statements of Internet phone company Vonage (VG) shows why the stock, which debuted today, is trading down 4% on its first day. In fact, I mentioned we should be cautious with this company back in February. It’s rare for an IPO to open down but it’s hard to see how their business model will survive in the current competitive environment. They’ll likely burn through all of the cash they raised today fairly quickly. The huge red flag was that they offered their customers 100 shares of stock at the IPO price. If that’s not a sign that nobody else wanted their stock, I don’t know what is.