NEW YORK ( TheStreet) -- Still relatively unnoticed and under-appreciated, shares of Gannett (GCI - Get Report) hit a 52-week high Tuesday, closing at $17. That's the first close above $17 since February 2011 for this company, which many still see as a dinosaur.
It also marks the continuation of Gannett's struggle for relevance in the eyes of investors since it looked like it might implode in early 2009.
At that time, its shares were changing hands for less than two bucks. Advertising was in a deep slump, amid the recession we were struggling through, and the company was burdened with debt to the tune of $3.8 billion. No one wanted to own a newspaper company.