Integrity Up 133%; Surge In Shrs Of Music Peer Didax Cited
Dow Jones Newswires -- November 30, 1998
NEW YORK -- Integrity Inc.'s (ITGR) shares climbed to a new 52-week high
Monday on the heels of a recent runup in Christian music retailing peer Didax Inc.'s
(AMEN) shares.
An Integrity spokeswoman said that the flurry of excitement surrounding Didax's recent
launch of The Music Channel, a Christian music World Wide Web site, sparked gains in
Integrity's shares.
Didax's announcement Wednesday sent its shares 457% higher from a close of 3 3/4 on
Tuesday to a settlement of 20 7/8 on Friday.
"I think that people are just putting the two companies together," the spokeswoman
said, adding that Integrity hasn't released any news that would be affecting the
company's share price. Integrity produces and publishes Christian music.
One market-watcher noted that Integrity, which also sells Christian music over the
Internet, is one of Didax's biggest industry peers.
Didax also operates other religious Web sites, sells advertising and sponsorships, retails
religion-related products via the Web and provides technology services to Christian
organizations.
Shares of Chantilly, Va.-based Didax have recently returned some of the gains it made
last week, trading at 18, down 2 7/8, or 13.8%, on volume of 4 million shares,
compared to average daily volume of 86,700 shares.
Integrity's shares have tacked on 4 1/16, or 135%, recently trading at 7 1/16 on volume
of 506,600 shares compared to average daily volume of 6,500. Earlier, the shares
surged to 12 1/4, eclipsing a previous 52-week high of 3 3/4 set on April 22.
-By Nicole Ridgway; 201-938-5174
Copyright November 30, 1998, Dow Jones Newswires |
