@Home Stock Surges on Internet Optimism

@Home Corp. shares rose as much as 40% over the last week and a half on investor optimism that the provider of high-speed Internet access through cable TV wires will become a major player in the Internet industry. @Home closed at $64.94, down 13 cents in Nasdaq trading after earlier touching a record $70.44. The Redwood City-based company’s shares have gained 160% so far this year. America Online Inc.’s planned $4.2-billion purchase of Netscape Communications Corp. has sparked a frenzy in Internet companies, and many investors believe @Home will become more popular as more consumers and businesses use the Internet. Tele-Communications Inc., the No. 2 U.S. cable operator, is @Home’s biggest shareholder with 72% of voting control. @Home’s other big shareholders are cable operators Cox Communications Inc., Comcast Corp., Cablevision Systems Corp. and venture-capital firm Kleiner, Perkins, Caufield & Byers.