Stock Market Update: Citigroup Inc. (NYSE: C), United Parcel Service (NYSE: UPS), Federal Express (NYSE: FDX), Bank of America (NYSE: BAC)

Shares of Citigroup Inc. (NYSE: C) rose about 4% this morning after the firm stated that is selling its credit card business in Portugal to Barclays. –Marketwatch

The Dow Jones industrial average and S&P 500 stock index futures swung into positive territory this morning following a stronger-than-expected report on July home prices. The S&P/Case-Shiller composite index of home prices in over 20 metropolitan areas rose 1.6 percent in July from June, which is more than the 0.5 percent estimate in a Reuters poll. The index rose 1.4 percent the month before. -Reuters

Walgreen Co. (NYSE: WAG), the largest drugstore chain in the U.S., reported a quarterly profit that beat expectations as it began to benefit from a make-over that includes sprucing up stores and reducing jobs, sending shares 10 percent higher. Analysts have lauded Walgreen’s efforts, such as cutting back on store openings, reducing clutter and the planning of a loyalty program. However, they also said it will take time for such measures to pay off. The company also unveiled a new initiative to promote 90-day prescriptions available at its stores as an alternative to the mail-order programs favored by many insurance programs. –Reuters

In the past, getting a package to arrive overnight was a good enough marketing claim to win over customers, but not in this era. The green factor increasingly plays a role in customer decisions. This is arguably why the United Parcel Service (NYSE: UPS) has come out punching against top rival Federal Express (NYSE: FDX). The two brands have been locked in a public dogfight over who is “more green” and which company is actually running a more sustainable operation. The battle began when Newsweek magazine came out with their greenest company rankings, placing UPS at No. 85 ahead of FedEx at No. 93. UPS began trumpeting this win in the blogosphere, conversing with ClimateBiz about why Big Brown is without a doubt, greener than FedEx. –AOL Daily Finance

European stock markets weakened Tuesday, as traders took cash off the table following yesterday’s rally and paused for a breather ahead of an economic data packed week. The pan-European Dow Jones Stoxx 600 Index declined 0.2% to 242.66. London’s FTSE 100 Index peeled back 0.4% at 5145.97, Frankfurt’s DAX was off 0.6% at 5704.46, and the CAC-40 Index in Paris was 0.4% lower at 3810.32. –The Wall Street Journal

Citigroup (NYSE: C), Bank of America (NYSE: BAC) and smaller banks seeking to attract talent and regain ground on stronger peers may bump into stiff resistance from the global push to rein in executive pay. Group of 20 standards barring bonus guarantees for more than one year and requiring deferred pay for top executives would take recruitment tools away from banks already burdened by diminished share prices and damaged reputations, recruiters say. Bank of America, the biggest U.S. bank by assets, and Citigroup, the third largest, are already under compensation constraints because they haven’t repaid the $45 billion each got from the U.S. Troubled Asset Relief Program (TARP). They are among seven firms required to submit compensation plans for their 100 highest-paid employees to the Obama administration’s, Kenneth Feinberg, who may rule on them next month. Story continues… -Bloomberg

by Jutia Group