KongZhong Surges Today

KongZhong Corporation (NASDAQ: KONG) surged 15.9% Wednesday on heavy volume to close at $12.02 after a well-known investor recommended the stock as a way to invest in China's growth.

Growth investor Louis Navellier said KongZhong, which provides interactive entertainment devices for wireless products, is his top internet and software services stock. Navellier said that as China's GDP expands, its middle class will buy more home electronics and high-tech gadgets.

Navellier believes KongZhong is a way to tap into the growth in China's services sector. Options traders were busy with the January 12.5 calls as 399 contracts were exchanged against an open interest of 378 for the small cap company.