1. Combine flour, almonds, cocoa and soda in bowl. Beat sugar, butter, egg and almond extract in large bowl until fluffy. Stir in flour mixture. Shape into disk. Wrap in plastic. Refrigerate 1 hour.
2. Heat oven to 350 degrees F. Shape 1 heaping teaspoon of dough around each cherry, enclosing completely but leaving stem exposed. Place 1 inch apart on ungreased baking sheets. Wrap stems with foil.
3. Bake in 350 degrees F oven 12 minutes. Cool on wire rack.
4. Melt wafers in saucepan over low heat, stirring. Dip cherries in chocolate to cover; do not coat stems. Place on waxed-paper-lined trays until set, about 30 minutes. Store at room temperature or freeze.