After-Hours Buzz: S&P Cuts CS, BCS and DB to 'A' from 'A-Plus' ... YHOO, TGT & More

Check out which companies are making headlines after the bell Tuesday:

S&P cut its ratings on a handful of European banks including Credit Suisse, Barclays and Deutsche Bank to "A" from "A-plus." Meanwhile, the ratings agency affirmed its "A" rating on UBS.

Yahoo - The Internet company announced it acquired Qwiki, an automated video production company. The announcement follows a report from tech news website AllThingsD that Yahoo was in advanced discussions to purchase Qwiki for $50 million. Shares edged lower in extended-hours trading.

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Target - The retailer announced that former U.S. Secretary of the Interior Kenneth Salazar has been added to its board of directors, effective immediately. Shares were largely unchanged in extended-hours trading.

Hasbro and Electronic Arts - The two companies announced a new mobile game agreement under which EA will develop several of Hasbro's best-selling gaming brands including Monopoly, Scrabble and Clue, for mobile platforms globally. Shares were unchanged in extended-hours trading.

Cliffs Natural Resources - The mining and iron ore company restarted its Wabush Scully iron ore mine in Eastern Canada that was temporarily idled due to forest fires in the region. Shares dipped slightly in extended-hours trading.

Ply Gem - BB&T initiated coverage of the exterior building products manufacturer with a "buy" rating and a price target of $25. Shares rose in extended-hours trading.

Steelmakers U.S. Steel, AK Steel and Tenaris rallied to close near highs following a report from Bloomberg that a group of U.S. steel companies filed a lawsuit with the ITC against pipemakers in nine countries including India, South Korea and Taiwan.

—By CNBC's JeeYeon Park (Follow JeeYeon on Twitter: @JeeYeonParkCNBC)

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