Market Update: Pepsi (NYSE:PEP), Citibank (NYSE:C), Bank of America (NYSE:BAC), Nike (NYSE:NKE)

It is suspected that a bailout package for Greece will be announced later this week.  News of the eurozone financial ministers meeting in Brussels’ to discuss Greece’s debt situation has helped push the US dollar higher against the Euro, MSN Money is reporting.  Further effecting the US dollars climb is speculation on the Fed’s meeting, which takes place tomorrow, and what that will mean for American monetary policy.

Pepsi (NYSE:PEP) has released a report stating they will begin buying up approximately $13 billion in their common stock by 2013.  The news comes after earlier reports that the soda company was buying $4.4 billion of common stock in 2013.  The pop company has also announced its annual dividend will be bulked up 7 percent this year.  In other news, the soda giant was reported to have spent approximately $5 million lobbying the US government in the 4^th quarter of 2009.

Moody’s issued a warning today regarding the credit ratings of certain countries.  Mentioned in their warning were the United States, United Kingdom, Germany and France.  These countries are still listed as AAA by the investment service, but the situation is reportedly precarious as each nation’s economic recovery takes place.

Citibank (NYSE:C) is expected to expand its global commodities business.  It was announced last week that the American bank is planning to increase its commodities workforce by approximately 40% by 2013.  The bank has also recently hired a director of physical shipping operations, Alistair McLuskie, who is tasked with leading the development of a larger global commodities branch.

In other banking news, Bank of America (NYSE:BAC) its in the process of incorporating a new branch in China.  This Chinese-based unit would help the largest US bank expand its influence in the emerging market, as well as solidify its Merrill Lynch divisions assets that it purchased (with the investment bank) last year.

Continuing our look across the Pacific, China’s sale of US debt continued through January, the Wall Street Journal reported today.  The Asian nation is still the top holder of US debt ($889 billion total debt holdings), followed closely by Japan ($765 billion total debt holdings).  These positions may switch in the future, though, as China continues its sale of US debt.

Nike (NYSE:NKE) is facing an upcoming lawsuit in France.  The sports equipment giant, made famous by it’s endorsement of Michael Jordan and Tiger Woods, could be in hot water based on its payouts of certain European soccer (football) players.  The company is accused of hiding payments used to incentive players to sign for the Nike sponsored Paris Saint-Germain team from 2000 to 2005.  The shoe and sporting apparel faces a maximum fine of just over $300,000, a drop in the bucket considering they had a net income last year of roughly $1.5 billion dollars.  Still, this could set a precedent in the EU regarding soccer (football) sponsorship.