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Stock Market News: CIT (NYSE:CIT), Apple (NASDAQ:AAPL), Sanofi-Aventis (NYSE:SNY), Allergan (NYSE:AGN), Biogen Idec (NASDAQ:BIIB)

CIT (NYSE:CIT) the formerly bankrupt small business lender run by John A. Thain, said it sold $500 million of corporate assets, raised $800 million for customer financing and completed a planned payment on first-lien debt. The actions show “significant progress” in funding the company and streamlining its portfolio, Thain said in a company statement today. CIT was reorganized in bankruptcy in December after being unable to continue funding itself profitably with borrowings in the capital markets. The company aims to develop a cheaper source of funding, such as insured bank deposits. It is currently limited by regulators from taking certain deposits. CIT announced plans to make the $1.25 billion debt payment in a June 24 filing. The New York-based company began the year with $7.5 billion of first-lien debt out of…
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