Shares of Mosaic Company (MOS) rallied to a new 52-week high today, topping out at $63.83 in intraday action. The stock seems to be enjoying a halo lift after sector peer Potash Corp./Saskatchewan (POT) was upgraded, but the spotlight will turn to Mosaic after today's closing bell, when the company is slated to unveil its fiscal second-quarter earnings.

Mosaic's performance on the earnings front has been mixed, with the fertilizer firm falling short of analysts' consensus expectations during three of the past four reporting periods. Ahead of tonight's release, analysts surveyed by Thomson Reuters are expecting a second-quarter profit of 35 cents per share, on average, down from Mosaic's year-ago profit of $1.12 per share. Sales are expected to ring in at $1.68 billion.

The Mosaic Company (NYSE: MOS), the combined Cargill Crop Nutrition and IMC Global Inc., began trading as a Fortune 500 company immediately after its 2004 IPO, and became a dominant player in the fertilizer business.

In just a few short years, Mosaic would be in prime position to ride a global boom in agricultural crop demand that resulted in its shares skyrocketing more than $130 from trough to peak.

From a valuation standpoint, the move higher was completely justified and rational -- up to a point. When the hedge fund momentum investors climbed aboard, astute investors knew that the rapid rise was due for a correction.

The stock sold off hard during the summer, which culminated in a complete washout due to the credit crisis and global economic meltdown. MOS shares fell back to the mid-$30s.

As is often the case, the selling went too far and had more to do with forced liquidations instead of rational valuation metrics.