This should be great for ITGR as it gets ITGR on more internet stock buyers radar screens.
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