Electromagnetic modes from Stoner enhancement: Graphene as a case study

•Stoner spin-flip fluctuations of particle-hole pairs modify the TM electromagnetic modes.•In doped graphene spin-flip fluctuations reduce the energy of plasmon (TM modes).•In undoped graphene spin-flip fluctuations give rise to a TM mode which can not otherwise exist.•Undoped graphene surrounded with high dielectric constant medium can support the above TM mode.