NEW YORK ( TheStreet) -- Gannett (GCI) did something yesterday that it has been unable to do for more than four-and-a-half years; the stock closed above $20 for the first time since June of 2008. There were no trumpets, no alarm bells, and no fireworks as a result of this feat, but it does appear that investors are once again starting to take notice.Best known for its newspaper business, and in particular for being the parent of USA Today, it's been a somewhat long road to recovery for Gannett. The company was all but given up for dead in early 2009, as the stock slid below $2. The dividend was slashed 90% from 40 cents to 4 cents, and a level of debt that previously was not much of an issue became problematic as advertising sales went into one of the deepest slumps ever experienced. Trading at $2, the company's market cap was just over $450 million, turning a former large cap arguably of "for widows and orphans" quality into a small-cap name with lots of debt and no prospects in a dying industry.
Gannett Deserves a Second Read
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts