There are melting ice cube companies that slowly but surely see their income decline year after year like Eastman Kodak (KODK) or Pitney Bowes (PBI). Along the way they sometimes appear incredibly cheap on trailing metrics and sometimes trap investors that are looking in the rear view mirror or at the future with colored glasses. Every once in a while, one of these dying companies catch a burning ember and light up with unexpected results.
Peabody Energy (BTU) is one of those companies. The stock, which had been trading in the high $40s in 2018 began a steady descent into darkness and dropped into penny stock territory by late 2020. From a low of just 80 cents on November 10, 2020, the company went up 3,169% to its current price of $26.15.