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Byline: CHRISTINA WISE
Bulging oil prices and news of a fire at a Texas refinery overshadowed solid second-quarter GDP data Friday, weighing on stocks. The S&P 500 shed 8%, while the Dow gave up 6%.
International Rectifier plunged 7.98 to 47.05 on 10 times its usual trading volume. Late Thursday, the chipmaker said it earned 54 cents a share in the June fourth-quarter, after adjusting for one-time expenses. That was 1 cent above the First Call consensus. But it also said it expects expenses coming from its profit-sharing plan to lower its gross margin by 1% each quarter in fiscal 2006.
*Quanex, which has been working on a base for more than four months, slipped 0.64 to 61.
Moody's notched a new high intraday, then reversed, closing down 2.12 at 47.31. Volume more than doubled. The move came on news New York Attorney General Eliot Spitzer had subpoenaed the credit rating firm, asking for documents on how it rates ...