What happened Shares of cardboard, tissue paper, and paper towel producer Clearwater Paper (NYSE: CLW) had soared 22% through 12:25 p.m. Clearwater was able to achieve "improved pricing," as CEO Arsen Kitch put it, in both its cardboard and tissue businesses. On the one hand, management acknowledged that "inflation remains a key theme in both of our businesses," and warned that this will continue at least into the third quarter.