Shares of Lumen Technologies (NYSE: LUMN) rallied 32.8% in February, according to data from S&P Global Market Intelligence.

The beaten-down fiber and broadband network company might be prone to big spikes from time to time, as its stock trades at a distressed valuation while the company grapples with a high debt load. Distressed companies can have massive upside, if management is able to engineer an unlikely turnaround.

Lumen's fourth-quarter earnings report seemed to show hints of a potential turnaround in the making -- although investors certainly aren't out of the woods by any means.

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Source Fool.com