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Byline: JULIE HUYNH & JONAH KERI
A downgrade for IBM helped trigger another sell-off for NYSE stocks Friday. The Dow slid 1.9%, the S&P 500 1.7% as volume jumped sharply higher. The put-call ratio spiked well above 1.0 as investor fear spread.
International Rectifier shed another 9.85, or 26%, to 27.50, closing at the low end of its trading range. Volume was heavy at 14.2 million vs. its usual 961,000. It's sold off nearly 40% in the past four days and is 45% off its high.
Banc of America downgraded the chipmaker to underperform from market perform. The brokerage said International Rectifier's 2003 earnings projections are too aggressive. The El …