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Check Point shares gain on Telecom Italia pact

Check Point Software continued its torrid run-up Wednesday, shooting up 24 15/16, or 10 percent, to an all-time high after Telecom Italia said it will use the company?s security software in its business security program.

Telecom Italia (NYSE: TI) said it will use the security software to secure Internet and other services for its customers.

Financial terms of the deal were not disclosed.

Check Point (Nasdaq: CHKP) shares made huge gains earlier this week after Prudential Securities upgraded the stock from an ?accumulate? recommendation to a ?strong buy.?

In its latest quarter, Check Point hurdled analysts' estimates, earning $29.8 million, or 70 cents a share, on sales of $67.9 million.

Analysts are expecting first-quarter earnings of 38 cents a share.

The stock fell to a 52-week low of 11 1/2 in April before setting a 2-for-1 stock split in January.

Fourteen of the 16 analysts tracking the stock maintain either a ?buy? or ?strong buy? recommendation.

Fellow security software vendors RSA Security Inc. (Nasdaq: RSAS) and Axent Technologies Inc. (Nasdaq: AXNT) were up 6 1/4 and 1/4 a share, respectively.>