Vonages Shares Climb 30% on iPhone App You Can't Download?

Vonage (NYSE:VG) has gone through the trouble of sending out a press release to announce that Apple Inc. (NASDAQ:AAPL) has approved its iPhone app. But you can't download it, because the company is "currently conducting a beta test and general availability will be announced at a later date."  Come on Wall Street, a 30% increase in Vonage shares?

By Dan Frommer (BusinessInsider.com) -- More important: What is it? And what does it do? Vonage won't tell us -- "For competitive reasons, we are choosing not to provide any details at this time" -- but we can guess.

Vonage is an Internet phone service, so it seems likely that the Vonage app would allow you to make and receive calls with your Vonage number from your iPhone.

But will it work over AT&T's 3G network, or only via wi-fi, like Skype's app? And what's the use of asking people to call your Vonage number when the iPhone app won't be able to run in the background? Perhaps you could put a regular Vonage phone call on hold at home and pick it up on your iPhone. But is that really a common use case?

We look forward to learning more.

This is somewhat more interesting than it'd normally be because Apple has been through a lot of drama lately -- after effectively rejecting Google's Google Voice app, which led to an FCC investigation.

But it's apparent that Apple just doesn't like the way Google handles dialing, etc. -- it's not actually objecting to the idea of making Internet calls from your phone.

source: http://www.businessinsider.com/vonage-app-approved-for-iphone-2009-9