Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of paper product maker Clearwater Paper (NYSE:CLW) jumped 11% today after the company reported earnings.

So what: Third-quarter revenue rose 1.6%, to $487.8 million, and net income was $13.3 million, or $0.60 per share. But there were one-time costs associated with major maintenance as well as small accounting benefits. After adjusting for these items, earnings were $6.4 million, or $0.29 per share, which is $0.03 ahead of estimates. 

Now what: Consumer products actually saw sales decline, so the slight improvement in revenue was due to the pulp and paperboard market, which management said is seeing strong demand and pricing. But this isn't a growth company, and with earnings down over the past year, there's little for me to get excited about. Shares trade at a hefty 24 times trailing earnings, which is just too expensive for me given the weak growth levels.

Fool contributor Travis Hoium has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.