PulteGroup got a big boost from a strong quarterly report and saw shareholders drive the stock up after news that it struck a deal with activist investor Paul Singer's Elliott Management.
The stock gained more than 5 percent Thursday, driven in part by a quarterly earnings that topped Wall Street expectations. The home builder also revealed that it will repurchase $1 billion in shares.
Also pushing shares higher was news that the company agreed Thursday to replace three directors; that move comes after former CEO William "Bill" Pulte, who remains Pulte's largest shareholder, began agitating for change at the company. Last month, Elliott Management took a stake in Pulte stock.
In a Thursday statement obtained by CNBC, the former chief executive said that "while much work remains to be done in order for a successful outcome, the board appears to be taking the first steps towards enacting change and addressing the protracted poor share price performance. If Pulte Group wants to be a very profitable builder, it has to start to realize operating efficiencies."