Pitney Bowes (PBI) has a problem. Pitney Bowes is the leader in mail sorting and inserting. That's physical mail, those letters made of paper which are going the way of the dodo bird.
Unsurprisingly, Pitney Bowes' stock market performance has been rather ugly in the last 5 years, coming from around $35 per share back in 2008 to $13.92 now.
Given Pitney Bowes' main revenues are tied to physical mail, those have naturally been on a sustained decline:
(click to enlarge)
The exposure is even more...