Fidelity National Financial

(FNF) - Get Report

jumped 16% after proposing a restructuring of its relationship with its

Fidelity National Information

(FIS) - Get Report

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.