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International Business Machines Corp. shares fell late Monday after the company reported third-quarter earnings above Wall Street expectations but flat sales. IBM said it earned $2.85 billion, or $2.98 a share, in the quarter, compared with $2.95 billion in the third quarter of 2015. Adjusted for one-time items, IBM said it earned $3.29 a share in the quarter. Revenue reached $19.2 billion, flat compared to the year-ago quarter. Analysts polled by FactSet had expected IBM to report adjusted earnings of $3.23 a share on sales of $19 billion. IBM kept its 2016 expectations of adjusted earnings of at least $13.50 a share. Shares fell 1.4% in the extended session after ending the regular trading day up 0.2%.

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The Securities and Exchange Commission fined Lime Energy $1 million and four of its former executives agreed to settle charges for an alleged accounting fraud that pushed revenue into earlier periods to meet targets. The energy services company allegedly recorded recognized $20 million in revenue improperly from at least 2010 to 2012. The alleged scheme centered on recording revenue for newly signed contracts before year-end before the paperwork was received and then eventually revenue on contracts that didn’t exist. The SEC alleged the company’s then-corporate controller Julianne M. Chandler approved accounting entries worth millions of dollars in additional 2011 revenue well after the year-end close. In February 2012 before finalizing 2011 results, the company’s then-executive vice president James G. Smith allegedly sent Chandler more fake accounting entries. The company and executives neither admitted nor denied the allegations. The four executives will pay a total of $150,000 in additional penalties. Chandler and Smith also agreed to five year officer and director bar. The company’s former utilities division vice president of operations Joaquin Alberto Dos Santos Almeida agreed to a permanent officer-and-director bar. The company’s then-CEO John E. O’Rourke and then-CFO Jeffrey R. Mistarz voluntarily reimbursed the company for cash bonuses and certain stock awards they received during the period when the company committed accounting violations eliminating the need for the SEC to pursue a clawback action under the Sarbanes-Oxley Act of 2002.

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Oil production from seven major U.S. shale plays is forecast to decline by 30,000 barrels a day to 4.429 million barrels a day in November from October, according to a monthly report from the Energy Information Administration released Monday. Oil output at the Eagle Ford shale play in South Texas is expected to see the largest decline, down 35,000 barrels. However, output from the Permian Basin, which covers parts of western Texas and southeastern New Mexico, is expected to climb by 30,000 barrels a day. November West Texas Intermediate oil traded at $49.98 a barrel, down 37 cents, or 0.7%, on the New York Mercantile Exchange.

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Shares of LendingClub Corp. tumbled 8.1% in active afternoon trade Monday, after the online credit marketplace disclosed it was raising interest rates to lenders in response to increased delinquencies. The selloff put the stock on track for a fifth-straight loss to 2 1/2-month low. Volume of 13.7 million shares was more than double the full-day average. In a filing late Friday with the Securities and Exchange Commission, the company said it was raising rates by a weighted average of 0.26 percentage points, as it has continued to observe higher delinquencies, an increased propensity to accumulate debt and lower credit scores. “Although the trend can now be observed across grades, it is less notable in lower risk grades and more notable in higher risk grades, particularly grades E, F and G, which account for approximately 12% of platform volume,” Chief Investment Officer Siddhartha Jajodia wrote in a letter to investors. The stock has now plunged 55% year to date, while the SPDR Financial Select Sector ETF has slipped 0.3% and the S&P 500 has gained 4%.

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Macy’s Inc. said Monday that it is adding Brookstone merchandise, which includes kitchen gadgets, audio technology and more, to 347 stores nationwide and its website for the holiday shopping season. The launch adds to the retailer’s consumer electronics offerings. On Friday, Macy’s opened The Apple Shop, a permanent addition to its Herald Square store in New York City, selling Apple Inc. iPhones, iPads and other items. It’s the only store to have the hub at this time, though the Apple Watch will be available at more than 180 stores nationwide and on the company’s website. Macy’s says it will open one hour earlier this year on Thanksgiving, at 5 p.m., to begin Black Friday sales, with most stores staying opening until 2 a.m. A Macy’s spokesperson says the company is looking for sales associates to volunteer for Thanksgiving hours. Associates working on the holiday will get overtime pay. Macy’s shares are down 0.7% in Monday trading, but up 1% for 2016 so far. The S&P 500 Index is up 4.2% for the year to date.

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Shares of Chipotle Mexican Grill Inc. shed 2.3% in midday trade Monday, putting it on track to suffer a fifth-straight loss, after Nomura slashed his price target and sales outlook on the fast-casual restaurant chain. Analyst Mark Kalinowski, who rates the shares neutral, cut his stock price target to $372, which is nearly 6% below current levels, from $405. He lowered his third-quarter same-store sales forecast to decline of 19.5% from a 18.0% drop, and his earnings-per-share estimate to $1.60 from $1.90. “The company’s third-quarter promotions–including but not limited to Chiptopia–do not appear to have had the desired effects from the company’s perspective,” Kalinowski wrote in a note to clients. For the fourth quarter, Kalinowski lowered his same-store sales outlook to a decline of 3% from a decline of 2% and his EPS forecast to $2.00 from $2.15. The stock has tumbled 9.8% during its current losing streak to put it on track close at a two-month low. The stock has tumbled 18% year to date, while the S&P 500 has gained 4.2%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News