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(CNNMoney.com) — AOL Inc. shares plunged Wednesday after the Internet company reported declining sales and a dwindling subscriber base. Shares of AOL (AOL) were down more than 12% at $24.58 at midday. The selloff came after AOL said sales fell in the first quarter and signaled in a conference call with analysts that growth will be sluggish for the remainder of 2010.

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