CLW - Why Clearwater Paper Stock Skyrocketed 22% Today
Shares of cardboard, tissue paper, and paper towel producer Clearwater Paper (NYSE: CLW) had soared 22% through 12:25 p.m. ET on Wednesday. Astoundingly, this happened after Clearwater reported an earnings miss instead of an earnings beat.
Heading into the second quarter of 2022, analysts had forecast that Clearwater would earn $1.11 per share on quarterly sales of just under $499 million. The company beat that sales estimate, collecting $526 million in the quarter. Earnings, however, missed expectations badly, coming in at just $0.86.
So why are investors bidding up Clearwater stock today (not just a little bit, but a lot) by 22%?
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Why Clearwater Paper Stock Skyrocketed 22% Today