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KongZhong sinks after co. says 1Q profit dropped



By AP
16 May 2008 @ 05:20 pm EST

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KONG 2.95 -0.17

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"While the strategy is an important one for KongZhong in the coming years, the investment is significant and we believe the company will not see a material impact from the rollout until (calendar year 2009)," he said.

Olson rates the stock "Neutral" with a $5.50 price target.

Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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