Outbound is traffic TO your server (the graph shows the connection from the perspective of the switch), so you can still have that traffic with the server switched off. My suspicion would be when your server is on look at the CPU load, and check the http logs. If you don't see unusual activity your host is probably being hosed and the target is another server that's also on your switch. You're seeing chatter across the switch. It's like noise that filters across the connections. Contact your host for an update.
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