Check out which companies are making headlines after-the-bell Tuesday:
JCPenney - The retailer reported a loss of 25 cents on sales of $3.15 billion, missing expectations for a loss of 11 cents a share on revenue of $3.41 billion. In addition, the firm said it is discontinuing its 20 cent quarterly divident. Shares plunged in extended-hours trading. (Click here for after-hours quote.)
Chesapeake Energy - The natural gas company confirmed that it is increasing its borrowing to $4 billion from $3 billion, citing "strong investor demand." Shares edged slightly higher in extended-hours trading. (Click here for after-hours quote.)
Arena Pharmaceuticals - The biopharmaceutical company announced a common stock offering, but did not disclose the quantity. Shares dropped in extended-hours trading. (Click here for after-hours quote.)
Billionaire investor Warren Buffett's Berkshire Hathaway said it increased positions in Wal-Mart , Wells Fargo , Bank of New York and DirecTV , while taking new stakesin General Motors and Viacom , according to its latest 13F filing. Meanwhile, the company decreased its holdings in Intel , Kraft , P&G and DollarGeneral . (Click here for after-hour quotes.)
And widely-followed hedge fund manager David Einhorn's Greenlight said it took new stakes in Expedia and Computer Sciences , while decreasing its holdings in CBS , Dell , GM, Microsoft and Research In Motion . The company eliminated its positions in Yahoo and First Solar , according to its latest 13F filing. (Click here for after-hour quotes.)
Hedge fund manager Daniel Loeb's Third Point said it increased positions in Yahoo and Sara Lee , while adding stakes in Cisco and Apple . But the firm lowered its holding in GoldmanSachs , according to its latest 13F filing. (Click here for after-hour quotes.)
Akamai - The tech firm was upgraded to "neutral" from "sell" at Citi. Shares edged higher in extended-hours trading. (Click here for after-hours quote.)
Cogo - The computer components distributor posted better-than-expected quarterly earnings of 13 cents a share, excluding one-time items, topping expectations for 6 cents a share. Shares rallied in extended-hours trading. (Click here for after-hours quote.)
—By CNBC’s JeeYeon Park (Follow JeeYeon on Twitter: @JeeYeonParkCNBC)
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