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Drain cherries reserving 1/2 cup juice. Remove stems and chop cherries into fourths. Set aside. Beat cream cheese until smooth and creamy. Beat in powdered sugar and reserved cherry juice, scraping bowl until mixed well. Fold in thawed Cool Whip, chopped cherries and chocolate chips. Refrigerate until ready to serve. Enjoy with graham crackers, animal crackers, Nilla Wafers, or even assorted fruit.