Shares of Dow component Chevron ( CVX) slipped in after-hours action after the oil giant said it expects fourth-quarter earnings to come in "significantly below" its third-quarter performance because of the impact of lower margins and refinery input volumes in its downstream business, which typically refers to refining activities.

The company also said it expects to record a loss on foreign currency translation in the quarter vs. a gain of nearly $450 million in the third quarter.

Chevron posted a per-share profit of $3.67 a share in the third quarter. The current average estimate of analysts polled by Thomson Reuters is for earnings of $3.28 a share in the company's fiscal fourth quarter.

The company also said it expects charges in the fourth quarter to come in "notably higher" than its general guidance range of $250 million to $350 million.

The stock was last quoted at $105.64, down 2%, on volume of more than 250,000. Chevron shares are up nearly 18% in the past year, reaching a 52-week high of $110.99 on Jan. 3. Nineteen of the 24 analysts covering Chevron rate the stock as a strong buy (7) or buy (12).

PVH Corp.

Shares of PVH Corp. ( PVH) fell in the extended session after the company gave an outlook for its next fiscal year that includes a fair amount of downside to Wall Street's current expectations.

The New York-based apparel company, whose brands include Calvin Klein and Tommy Hilfiger, said it expects non-GAAP earnings of $5.90 to $6 per share for its fiscal year ending in January 2013. The current average estimate of analysts polled by Thomson Reuters is for a profit of $5.97 a share for the period.

PVH also telegraphed a weak first half of the year saying: "2012 earnings growth is expected to occur entirely in the second half of the year. Earnings for the first half of 2012 are expected to be disproportionately impacted by the continued pressure on gross margins, as significantly higher year-over-year product costs began to impact the Company during the second half of 2011 and are expected to continue into the first half of 2012."

The stock was last quoted at $70.43, down 4.7%, on volume of less than 90,000, according to PVH shares are up more than 20% in the past year, and Wall Street is bullish with 12 of the 16 analysts covering the stock at strong buy (6) or buy (6).

Interested in more on PVH Corp.? See TheStreet Ratings' report card for this stock.

Also down in late trades was DragonWave ( DRWI), which lost almost 10% to $3.40 on volume of less than 30,000 after the company reported a widening loss for its fiscal third quarter. DragonWave said it lost $8 million, or 23 cents a share, in the three months ended Nov. 30 on revenue of $11.8 million. The performance was worse on a sequential basis compared to a loss of $2.2 million, or 6 cents a share, in the company's fiscal second quarter on revenue of $13.6 million.

-- Written by Michael Baron in New York.

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Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.

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