Electronic commerce leader's stock exploding. (Harbinger Corp.'s stocks increased by 75% since Jan., 1997)

After quietly shuffling its top management, Atlanta-based Harbinger Corp. is riding a rejuvenated stock market and basking in the seemingly glowing future electronic commerce.

The 14-year-old technology company's stock has jumped approximately 75 percent since the beginning of the year. It has posted nearly 50 percent year-to-year revenue growth, after registering $41 million in revenues for 1996.

Net income, though, has fluctuated; Harbinger lost $8.2 million in 1996 after making $1 million in 1995. Much of that loss came from acquisition-related costs. Operating income for 1996 was $7.5 million. At the beginning of 1996, Harbinger was a domestic company with 210 employees, almost all of whom were in Atlanta.

In the …