Hi BigBill. Stem rot is what I suspect but it's odd how the new leaves keep opening. I'd think somehow the leaves would stop opening at this point.
I bought my cutting from a plumeria nursery in Feb. The end was calloused over when I received it. I planted it in a 50% perlite/50% soil mixture. Watered it thouroghly the first day then left it alone (even taking it in if it rained so it wouldn't get wet). Spritzed the claw leaves. Watered very very small amounts only when the soil was bone dry. Put in full sun on screened pool deck.
The supplier told me to plant it right away in mid Feb. our daytime temps were nice - usually in the 70s/low 80s. But nights were dipping into mid 50s. So maybe it was planted too soon and sat in the soil too long before the temps were right for it to root.