Fidelity National Financial Surges
Investors applaud a splitup plan.
Fidelity National Financial
(FNF)
jumped 16% after proposing a restructuring of its relationship with its
Fidelity National Information
(FIS)
and
Fidelity National Trust
( FNT) units.
The plan involves a number of transactions that will effectively result in the three public companies becoming two public companies, a new FNF and the existing FIS. The New FNF will have no ownership interest in FIS.
Fidelity National Financial also said its first-quarter earnings fell 76% as a result of a one-time gain a year ago and increased operating expenses.
On Thursday, FNT rose 5% and FIS slid 1%.
This story was created through a joint venture between TheStreet.com and IRIS.
