10 Firms Lead Thursday’s Rally on Better Earnings, Bargain-Hunting

2. Flagstar Financial Inc. (NYSE:FLG)

Flagstar Financial, owner of Flagstar Bank, increased its share prices by 15.21 percent on Thursday to close at $11.06 apiece after improving its earnings performance in the fourth quarter of the year.

While still operating at a loss, Flagstar was able to narrow its net loss by 57 percent to $0.34 loss per share as compared with the $0.79 loss per share registered in the third quarter last year.

The current valuation also marked a significant improvement from the $11.27 loss per share posted in the fourth quarter of 2023.

Meanwhile, revenues were higher at $625 million versus analyst expectations of $558.6 million.

Flagstar said it targets to swing to profitability by 2026 with a $600 million expense reduction plan. To support the plan, the company said it would sell its non-core mortgage business and move to higher-margin businesses.