GURU.Markets stock price, segment price, and overall market index valuation
The company's share price Energy Focus Inc.
Energy Focus is a manufacturer of LED lighting. Its stock price is a story of a long struggle to survive in a highly competitive and low-margin market. The chart reflects the company's attempts to find a niche, for example, in germicidal lighting.
Share prices of companies in the market segment - Energy equipment
Energy Focus manufactures and sells energy-efficient LED lighting fixtures, including those with disinfection capabilities, for the commercial and military markets. We've categorized it under "Energy Equipment." The chart below shows how the LED lighting sector is performing.
Broad Market Index - GURU.Markets
Energy Focus is a manufacturer of energy-efficient LED lighting fixtures for commercial and military applications. As a significant player, it is included in our GURU.Markets index. The chart below shows the overall market trend. Compare it with Energy Focus' performance to assess the state of the sector.
Change in the price of a company, segment, and market as a whole per day
EFOI - Daily change in the company's share price Energy Focus Inc.
Energy Focus, Inc.'s daily price change reflects volatility in the LED lighting sector. The indicator demonstrates sensitivity to competition, demand for energy-efficient solutions, and news about diversification.
Daily change in the price of a set of shares in a market segment - Energy equipment
Energy Focus, Inc. is a manufacturer of LED lighting. This chart shows the average daily volatility of the industrial sector. Comparison with the EFOI, which focuses on energy efficiency, helps assess its sensitivity to construction and industrial cycles.
Daily change in the price of a broad market stock, index - GURU.Markets
Energy Focus is a manufacturer of energy-efficient LED lighting. The company's shares reflect the trend toward energy conservation and green technologies. Their dynamics, dependent on investment in modernization, are part of the overall volatility of the green sector.
Dynamics of market capitalization of the company, segment and the market as a whole over 12 months
Annual dynamics of the company's market capitalization Energy Focus Inc.
For Energy Focus, Inc., year-over-year performance is a story of its struggle to survive in the LED lighting market. Its 12-month market cap reflects its efforts to find its niche, focusing on health products (such as those with antimicrobial properties), amid fierce competition and pricing pressure from major manufacturers.
Annual dynamics of market capitalization of the market segment - Energy equipment
Energy Focus, Inc. is a lighting manufacturer. The company is undergoing a complex transformation. This chart will show how successful its restructuring efforts are and how its products compete in the crowded LED lighting market, which is driving its volatile performance.
Annual dynamics of market capitalization of broad market stocks, index - GURU.Markets
Energy Focus, operating in the highly competitive LED lighting market, demonstrates its struggle for profitability through its performance. Market benchmarking reveals whether the company is managing to outpace lower-cost competitors through innovation and a focus on quality, or whether price wars are dragging its performance below the market average.
Dynamics of market capitalization of the company, segment and the market as a whole for the month
Monthly dynamics of the company's market capitalization Energy Focus Inc.
Energy Focus is a manufacturer of LED lighting. Its monthly performance reflects its struggle in a highly competitive market. Quarterly sales and profitability reports, as well as news on supply contracts for large facilities, are key.
Monthly dynamics of market capitalization of the market segment - Energy equipment
Energy Focus produces high-quality LED lighting systems for the commercial, industrial, and military markets, with a focus on human health and well-being. The chart below shows the overall trend in the energy equipment sector, reflecting the shift toward energy-efficient and smart lighting.
Monthly dynamics of market capitalization of broad market stocks, index - GURU.Markets
Stocks in highly competitive technology sectors like LED lighting can underperform the market. The chart below shows the overall sentiment. Is Energy Focus moving with the mainstream, or is its performance driven by the unique challenges of the industry?
Dynamics of market capitalization of the company, segment and the market as a whole for the week
Weekly dynamics of the company's market capitalization Energy Focus Inc.
Energy Focus, a manufacturer of human-centric LED lighting, is responding to construction and environmental trends. Its weekly stock price reflects demand for energy-efficient, well-being-enhancing lighting for commercial, military, and medical facilities.
Weekly dynamics of market capitalization of the market segment - Energy equipment
Energy Focus, like other lighting equipment manufacturers, is dependent on the overall health of the construction sector. Demand for energy-efficient lighting is a general trend across the industry. The chart will show whether EFOI is outperforming the sector thanks to its technology or moving with the market.
Weekly dynamics of market capitalization of stocks of the broad market, index - GURU.Markets
Energy Focus, Inc., as a cyclical technology company, often follows the broader market, amplifying its movements. During periods of economic growth, demand for its products increases, while during downturns, it declines. The chart will show how pronounced this "high-beta" nature is in EFOI stock.
Market capitalization of the company, segment and market as a whole
EFOI - Market capitalization of the company Energy Focus Inc.
Energy Focus's market capitalization dynamics tell the story of its struggle in the LED lighting market. Its chart reflects its struggle to find a niche (for example, healthy lighting) amid fierce competition from major manufacturers. Its low valuation is a reflection of the market's assessment of its chances for profitable growth.
EFOI - Share of the company's market capitalization Energy Focus Inc. within the market segment - Energy equipment
Energy Focus produces energy-efficient LED lighting fixtures, including for military and commercial applications. Its market share reflects its specialization. The chart shows how this niche manufacturer competes with lighting industry giants, focusing on quality and specific applications.
Market capitalization of the market segment - Energy equipment
Energy Focus produces energy-efficient LED lighting fixtures. The chart below shows the market capitalization of the energy equipment sector. Its dynamics reflect the global trend toward energy conservation and the transition to more durable and environmentally friendly light sources.
Market capitalization of all companies included in a broad market index - GURU.Markets
Energy Focus is a manufacturer of LED lighting for commercial and military applications. Its market capitalization reflects its position in this market. The chart below shows the global economic importance of the energy-efficient lighting and LED technology industry.
Book value capitalization of the company, segment and market as a whole
EFOI - Book value capitalization of the company Energy Focus Inc.
Energy Focus's material foundation is LED lighting production. The company's book value reflects its production capacity and, more importantly, patents for unique flicker-free and antibacterial lighting technologies. The chart below shows how the company is attempting to leverage its technological base to overcome its financial difficulties.
EFOI - Share of the company's book capitalization Energy Focus Inc. within the market segment - Energy equipment
Energy Focus, Inc. manufactures LED lighting at its own facilities. These assembly lines are its main material asset. The S_BCap_Seg graph shows its share of the energy equipment manufacturing infrastructure.
Market segment balance sheet capitalization - Energy equipment
Energy Focus produces LED lighting. Electronics manufacturing, even assembly-line manufacturing, requires production lines and inventory management. A book value chart will show how capital-intensive its business of creating physical products is.
Book value of all companies included in the broad market index - GURU.Markets
Energy Focus' assets are focused on innovative lighting production. The company's book value reflects its R&D center and manufacturing partnerships for the creation of LED lamps with disinfectant and circadian rhythm-enhancing features. This provides the foundation for developing lighting that not only illuminates but also promotes health.
The ratio of market capitalization to book capitalization of a company, segment, and the market as a whole
Market capitalization to book capitalization ratio - Energy Focus Inc.
Energy Focus produces LED lighting focused on human health (circadian lighting). Its balance sheet reflects its production assets. Its market capitalization is a measure of its niche technology and its ability to convince the market of the health and well-being benefits of its products.
Market to book capitalization ratio in a market segment - Energy equipment
Energy Focus produces LED lighting focused on human health. It is a technology company in a niche field. The chart shows how the market values ββits unique products and patents compared to its manufacturing assets.
Market to book capitalization ratio for the market as a whole
Energy Focus produces energy-efficient LED lighting products. It's a manufacturing business operating in a highly competitive environment. Its value is closely tied to production efficiency and innovation. The chart shows how the market values ββthis manufacturer in the green sector.
Debts of the company, segment and market as a whole
EFOI - Company debts Energy Focus Inc.
Energy Focus, an LED lighting manufacturer, uses debt to manage its business in a highly competitive environment. This chart may reflect working capital raising for the production and marketing of its specialized products, such as antimicrobial lighting for hospitals and schools.
Market segment debts - Energy equipment
Energy Focus is a manufacturer of LED lighting. This market is highly competitive, particularly with large Asian manufacturers, and margins are low. This chart reflects the company's challenging financial position and its struggle to achieve profitability in this challenging industry.
Market debt in general
Debt to book value of the company, segment and market as a whole
The company's debt to book capitalization ratio Energy Focus Inc.
Energy Focus produces energy-efficient LED lighting systems. This chart shows the company's debt load in a highly competitive industry. In the lighting industry, where technology is rapidly changing and prices are falling, high debt levels can limit a company's ability to invest in innovation and compete with major players.
Market segment debt to market segment book capitalization - Energy equipment
Energy Focus produces LED lighting. This chart for the energy equipment and electronics sector shows how companies finance their operations in the face of fierce competition and technological change. This allows us to assess the sustainability of the company's business model amid global energy conservation trends.
Debt to book value of all companies in the market
Energy Focus manufactures and sells energy-efficient LED lighting systems for the commercial and military sectors. Demand for its products is driven by customers' desire to reduce energy costs. The debt-to-book ratio chart shows how aggressively the company is investing in infrastructure upgrades to improve efficiency.
P/E of the company, segment and market as a whole
P/E - Energy Focus Inc.
Energy Focus produces energy-efficient LED lighting products. This chart reflects the state of the highly competitive lighting market. Its dynamics show how investors assess its ability to identify niche markets, such as human-centric lighting, and compete with major manufacturers.
P/E of the market segment - Energy equipment
Energy Focus, Inc. represents the LED lighting sector. This chart shows the average P/E for this competitive industry. Comparing a company's P/E to this metric helps understand how the market values ββits niche products and their potential compared to large, standard lighting equipment manufacturers.
P/E of the market as a whole
Energy Focus produces energy-efficient LED lighting fixtures, including those with disinfection features. This chart reflects global environmental trends. The company's valuation depends on the demand for energy-saving technologies and its ability to compete in the crowded, price-competitive LED lighting market.
Future P/E of the company, segment and market as a whole
Future (projected) P/E of the company Energy Focus Inc.
Energy Focus produces energy-efficient LED lighting systems for commercial and military facilities. The chart shows future revenue expectations, which depend on demand for lighting upgrades and the company's ability to compete in the highly competitive LED market.
Future (projected) P/E of the market segment - Energy equipment
Energy Focus is a manufacturer of energy-efficient LED lighting products, including those with antibacterial properties. This chart shows how its future revenue expectations compare to the industry average. Does this valuation reflect its innovative products and ability to compete in the lighting market?
Future (projected) P/E of the market as a whole
Energy Focus produces LED lighting for commercial and military applications. This is a highly competitive market. The company's success depends on its ability to offer innovative and energy-efficient solutions, not on general market expectations, as reflected in this chart.
Profit of the company, segment and market as a whole
Company profit Energy Focus Inc.
Energy Focus, Inc. develops and sells energy-efficient LED lighting products. The company's profits depend on demand for lighting upgrades in commercial and industrial buildings. This chart shows how the energy efficiency trend and competition in the LED lighting market impact the company's financial results.
Profit of companies in the market segment - Energy equipment
Energy Focus, Inc. develops and sells energy-efficient LED lighting products. This chart shows the overall profitability of energy equipment. The company focuses on the commercial and industrial markets. Its financial results depend on the pace of lighting modernization and companies' efforts to reduce energy costs.
Overall market profit
Energy Focus, Inc. manufactures and sells energy-efficient LED lighting products. Demand for its products is driven by companies and government agencies seeking to reduce energy costs. This overall profitability chart reflects the company's strong economic performance, allowing organizations to invest in infrastructure upgrades.
Future (predicted) profit of the company, segment and market as a whole
Future (projected) profit of the company Energy Focus Inc.
Energy Focus, Inc. produces energy-efficient LED lighting fixtures, including those with a disinfection function. The future profit forecasts presented here depend on demand for lighting upgrades in commercial and government buildings. They reflect analyst expectations regarding trends in energy conservation and healthy buildings.
Future (predicted) profit of companies in the market segment - Energy equipment
Energy Focus, Inc. develops and markets energy-efficient LED lighting fixtures and lighting control systems. This chart shows profitability forecasts for the energy equipment sector. It reflects expectations for the transition to LED lighting and the implementation of smart building technologies.
Future (predicted) profit of the market as a whole
Energy Focus produces energy-efficient lighting systems. Demand for their products depends on construction activity and companies' willingness to invest in energy-saving upgrades. The forecast for overall market revenue growth, as shown in the graph, suggests that businesses will have the funds to support such capital investments.
P/S of the company, segment and market as a whole
P/S - Energy Focus Inc.
Energy Focus, Inc. produces energy-efficient LED lighting fixtures. Revenue is driven by demand for lighting upgrades in commercial and government buildings. The P/S ratio reflects how investors value its products in the competitive lighting market.
P/S market segment - Energy equipment
Energy Focus, Inc. manufactures and sells energy-efficient LED lighting products, including those with air disinfection capabilities. Their products are targeted at the commercial and industrial markets. This chart shows how the market views their lighting innovations and their ability to compete in the highly competitive lighting market.
P/S of the market as a whole
Energy Focus produces energy-efficient LED lighting products. The company's revenue is under pressure due to intense competition. This chart shows the average revenue estimate, which helps understand the market discount to the company's revenue in a highly competitive and low-margin industry.
Future P/S of the company, segment and market as a whole
Future (projected) P/S of the company Energy Focus Inc.
Energy Focus, Inc. produces high-quality LED lighting products, including those with antimicrobial properties. This chart shows how investors estimate future revenues, which depend on demand for energy-efficient and "healthy" lighting in the commercial and public sectors.
Future (projected) P/S of the market segment - Energy equipment
Energy Focus, Inc. develops and sells energy-efficient LED lighting fixtures and lighting control systems. This chart shows how the market perceives its future sales amid the energy efficiency trend. It compares it to other energy equipment manufacturers, reflecting its position in the competitive LED lighting market.
Future (projected) P/S of the market as a whole
Energy Focus produces energy-efficient LED lighting for commercial and military applications. The company focuses on products that improve people's health and well-being. This chart shows the market's overall revenue expectations, and the EFOI demonstrates how the trend toward energy conservation and healthy living is even permeating the lighting industry.
Sales of the company, segment and market as a whole
Company sales Energy Focus Inc.
Energy Focus, Inc. develops and markets energy-efficient LED lighting products and lighting control systems. This chart shows revenue from sales of its products for commercial, military, and industrial applications. The market is highly competitive, which impacts sales dynamics.
Sales of companies in the market segment - Energy equipment
Energy Focus manufactures and sells energy-efficient LED lighting products. This chart likely segments its revenue by end market, such as commercial, military, or consumer. This allows investors to understand the company's primary sector.
Overall market sales
Energy Focus, Inc. produces energy-efficient LED lighting fixtures. Demand for its products is driven by investments in building retrofits from commercial and government customers. This overall business cycle impacts its customers' budgets, but the long-term trend toward energy conservation is a tailwind for the company.
Future sales volume of the company, segment and market as a whole
Future (projected) sales of the company Energy Focus Inc.
Energy Focus produces energy-efficient LED lighting fixtures, including for military and commercial applications. Its revenue forecast depends on demand for lighting upgrades. This chart shows how analysts assess its ability to compete in the saturated LED technology market.
Future (projected) sales of companies in the market segment - Energy equipment
Energy Focus, Inc. develops and markets energy-efficient LED lighting products. This chart displays projected revenues for the entire energy equipment sector. It helps estimate demand for lighting retrofit solutions to reduce energy consumption, a key market for Energy Focus.
Future (projected) sales of the market as a whole
Energy Focus manufactures and sells energy-efficient LED lighting systems for commercial and military facilities. Demand for its products is driven by investments in building modernization and the desire for energy conservation. This business activity forecast chart reflects the willingness of businesses and governments to invest in infrastructure upgrades.
Marginality of the company, segment and market as a whole
Company marginality Energy Focus Inc.
Energy Focus manufactures and sells energy-efficient LED lighting products. This chart shows how the company competes in a highly competitive market. Its profitability depends on sales volume, product innovations (such as antibacterial lighting), and production efficiency.
Market segment marginality - Energy equipment
Energy Focus, Inc. develops and markets energy-efficient LED lighting fixtures and lighting control systems for commercial and military applications. This chart shows the average profitability in the energy equipment sector. It helps assess how competitive Energy Focus' products are in the lighting market in terms of price, quality, and innovation.
Market marginality as a whole
Energy Focus, Inc. produces energy-efficient LED lighting systems. Demand for its products is driven by companies and government agencies' desire to reduce energy costs. This overall profitability chart illustrates the economic pressures that motivate customers to invest in lighting upgrades.
Employees in the company, segment and market as a whole
Number of employees in the company Energy Focus Inc.
Energy Focus is a manufacturer of energy-efficient LED lighting fixtures. Its headcount dynamics likely reflect the highly competitive lighting market and the constant need for innovation and cost optimization to survive. This graph may indicate periods of growth and restructuring.
Share of the company's employees Energy Focus Inc. within the market segment - Energy equipment
Energy Focus, Inc. develops and markets energy-efficient LED lighting products. This chart shows its commitment to green technologies. It reflects the percentage of lighting engineers and manufacturing specialists working with Energy Focus to create durable, cost-effective lighting solutions that reduce energy consumption.
Number of employees in the market segment - Energy equipment
Energy Focus, Inc. develops and markets energy-efficient LED lighting products. This chart reflects employment in the energy equipment sector. Growth in this sector is driven by companies and government agencies seeking to reduce energy consumption and operating costs by switching to modern lighting.
Number of employees in the market as a whole
Energy Focus, Inc. develops and manufactures energy-efficient LED lighting systems. Switching to LED lighting is one of the simplest and most effective ways to reduce energy consumption. This graph illustrates overall employment, and such companies are part of a larger trend toward energy conservation and sustainability.
Market capitalization per employee (in thousands of dollars) of the company, segment, and market as a whole
Market capitalization per employee (in thousands of dollars) of the company Energy Focus Inc. (EFOI)
Energy Focus, Inc. produces LED lighting. This is a competitive technology market. The metric on this graph reflects the value of the brand, patents, and production efficiency. It measures the added value each employee creates in the battle for market share in high-tech lighting.
Market capitalization per employee (in thousands of dollars) in the market segment - Energy equipment
Energy Focus produces high-quality LED lighting systems. In this competitive industry, its market value per employee reflects the strength of its brand, technology, and production efficiency. Comparisons with other lighting manufacturers help assess its market position, particularly in niche segments.
Market capitalization per employee (in thousands of dollars) for the overall market
Energy Focus produces human-centric LED lighting, a niche segment within the larger lighting market. This chart reflects how the market evaluates the company's ability to create innovative products and convince consumers of their health and well-being benefits.
Profit per employee (in thousands of dollars) for the company, segment, and market as a whole
Profit per employee (in thousands of dollars) of the company Energy Focus Inc. (EFOI)
Energy Focus is a manufacturer and distributor of LED lighting that also attempted to enter the UV disinfection market. It's a highly competitive hardware business. This graph, likely negative, shows how (in)effectively the company competes with giants, burning through capital on staff in an attempt to generate profits.
Profit per employee (in thousands of dollars) in the market segment - Energy equipment
Energy Focus, Inc. develops and sells energy-efficient LED lighting products for the commercial and military markets. In the lighting industry, this chart is a measure of innovation and operational efficiency. It reflects how successfully a company competes by offering high-quality, profitable solutions in an environment of rapid technological advancement and price competition.
Profit per employee (in thousands of dollars) for the market as a whole
Energy Focus, Inc. (EFOI) manufactures high-efficiency LED lighting products, including for military and commercial applications. It is a manufacturing business. This chart shows how effectively the company manages its manufacturing and supply chain to compete in the saturated LED market and generate profits.
Sales to employees of the company, segment and market as a whole
Sales per company employee Energy Focus Inc. (EFOI)
Energy Focus, Inc., a LED lighting manufacturer, uses this chart to demonstrate its performance in a highly competitive market. Revenue per employee is driven by sales volume and the ability to offer innovative products. The trend reflects intense price competition and demand for energy-efficient solutions.
Sales per employee in the market segment - Energy equipment
Energy Focus (EFOI) produces high-quality, energy-efficient LED lighting systems for military, marine, and commercial applications. This chart shows the average revenue per employee in this segment. Comparing EFOI to this benchmark demonstrates how productive their production and sales are in the niche, high-tech lighting segment.
Sales per employee for the market as a whole
Energy Focus (EFOI) is a LED lighting manufacturer. Like SemiLEDs (LEDS), it is a highly competitive and low-margin manufacturing business. This metric measures the efficiency of its factories. Growth is needed to survive against cheaper Asian competitors.
Short shares by company, segment and market as a whole
Shares shorted by company Energy Focus Inc. (EFOI)
Energy Focus is a manufacturer of LED lighting, including antibacterial lighting. This market is known for its fierce competition and low margins. This chart shows the bets that the company will not survive. The bears believe their products are not price-competitive with Asian giants, and the company will go bankrupt.
Shares shorted by market segment - Energy equipment
Energy Focus (EFOI) is a LED lighting manufacturer. The company has been struggling for a long time. This chart shows the pessimism in the sector. The growing short position in the industry is a bet that EFOI will go bankrupt. Investors see the company unable to compete with cheap Chinese imports and expect it to burn through its remaining cash in a price war.
Shares shorted by the overall market
Energy Focus produces LED lighting for industrial and military applications. This chart illustrates the overall market pessimism. Investors fear that during a recession, commercial customers will shelve lighting upgrades (even though they save energy), while military contracts could be delayed due to budgetary delays.
RSI 14 indicator for a company, segment, and market as a whole
The company's RSI 14 indicator Energy Focus Inc. (EFOI)
This oscillator for Energy Focus shows the struggle for survival in the lighting industry. The company produces LED lighting. "Overheating" (above 70) could be triggered by news of a major contract (for example, with the US Navy) or the announcement of a new "smart" technology. However, fierce price competition from Asian manufacturers and low margins lead to chronic "oversold" conditions.
RSI 14 Market Segment - Energy equipment
Energy Focus (EFOI) is a "smart" lighting company. They make LED lighting, but their specialty is human-centered lighting (HCL) (EnFocusβ’), which mimics daylight (for health). The "Energy Equipment" ("green") sector thrives on hype. RSI_14_Seg shows the "temperature" of the entire industry. It helps us understand: is EFOI's growth a niche product or a result of the general hype?
RSI 14 for the overall market
Energy Focus (EFOI), a "green" company. This chart is its lifeline. Its business is a bet on the "future." During periods of euphoria, investors are willing to generously finance unprofitable R&D projects in "clean technologies." In moments of panic, the money supply is turned off, and investors demand profits, not promises.
Analyst consensus forecast for the company's share price, the segment, and the market as a whole
Analyst consensus stock price forecast EFOI (Energy Focus Inc.)
Energy Focus (EFOI) produces high-quality, energy-efficient LED lighting products, including for military and commercial applications. This chart shows the average target price, reflecting analysts' opinions on the company's ability to compete in the crowded LED lighting market.
The difference between the consensus estimate and the actual stock price EFOI (Energy Focus Inc.)
Energy Focus is a LED lighting manufacturer trying to reinvent itself by focusing on "healthy" lighting (UV disinfection). This chart shows the upside and downside potential analysts see in the stock. It measures the gap between the price and forecast, reflecting their faith in this new, yet niche, technology.
Analyst consensus forecast for stock prices by market segment - Energy equipment
Energy Focus is a manufacturer of energy-efficient LED lighting systems for commercial and military facilities. The company is struggling to survive in a market overcrowded with low-cost competitors. This chart displays analysts' overall expectations for the energy equipment sector, demonstrating whether experts believe in the LED market.
Analysts' consensus forecast for the overall market share price
Energy Focus is a high-performance LED lighting manufacturer focused on niche markets such as the US Navy (ships) and commercial buildings. This chart shows overall market sentiment. For EFOI, whose business relies on government contracts (defense) and construction (cyclical), the overall optimism is important as it reflects the health of the commercial sector.
AKIMA index of the company, segment and market as a whole
AKiMA Company Index Energy Focus Inc.
Energy Focus is a veteran of the LED lighting industry. Their specialty is niche markets: ultra-reliable luminaires for the US Navy (ships and submarines) and antiviral (UV-C) luminaires for buildings. This chart is a summary of their battle for survival. It reflects their lumpy defense business and their struggle for profitability in a post-COVID world.
AKIMA Market Segment Index - Energy equipment
Energy Focus (EFOI) is a manufacturer of high-quality LED lighting, specializing in reliability-critical solutions for military, marine, and industrial applications. The chart shows the average index for the segment, helping investors assess how EFOI performs in this niche compared to the energy equipment industry average.
The AKIM Index for the overall market
Energy Focus is a developer of energy-efficient LED lighting systems and control technologies (UV-C disinfection) for military and commercial buildings. This chart, reflecting the market average, is a backdrop. It helps assess how the EFOI, which depends on modernization projects, compares to general macroeconomic fluctuations.