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 stakes in 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.)

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