DSKE - Daseke Inc Stock Price, Fair Value and News

8.29USD0.00 (0.00%)Delayed

Market Summary

USD8.290.00

Delayed

0.00%

DSKE Stock Price

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DSKE RSI Chart

DSKE Valuation

Market Cap

391.3M

Price/Earnings (Trailing)

-22.11

Price/Sales (Trailing)

0.25

EV/EBITDA

6.01

Price/Free Cashflow

4.43

DSKE Price/Sales (Trailing)

DSKE Profitability

EBT Margin

-0.66%

Return on Equity

-11.69%

Return on Assets

-1.56%

Free Cashflow Yield

22.59%

DSKE Fundamentals

DSKE Revenue

Revenue (TTM)

1.6B

Rev. Growth (Yr)

-11.81%

Rev. Growth (Qtr)

-10.51%

DSKE Earnings

Earnings (TTM)

-17.7M

Earnings Growth (Yr)

-492.75%

Earnings Growth (Qtr)

-946.88%

Breaking Down DSKE Revenue

Last 30 days

0.2%

Last 90 days

2.2%

Trailing 12 Months

4.0%

How does DSKE drawdown profile look like?

DSKE Financial Health

Current Ratio

1.12

Debt/Equity

3.72

Debt/Cashflow

0.21

DSKE Investor Care

Shares Dilution (1Y)

4.60%

Diluted EPS (TTM)

-0.59

Historical Charts for Stock Metrics

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Net sales

Year	Q1	Q2	Q3	Q4
2023	1.8B	1.7B	1.6B	1.6B
2022	1.6B	1.7B	1.8B	1.8B
2021	1.4B	1.4B	1.5B	1.6B
2020	1.7B	1.6B	1.5B	1.5B
2019	1.7B	1.8B	1.8B	1.7B
2018	1.0B	1.2B	1.4B	1.6B
2017	655.4M	682.3M	739.5M	846.3M
2016	672.1M	665.3M	658.6M	651.8M
2015	0	0	0	678.8M

Get all data in R, Python etc through our Historical Stock Data APIs

GRUFITY'S FAIR VALUE MODEL

Stocks Marked 'Very Cheap' by Grufity's Fair Value Model Have Outperformed Russell 2000 Index

Small Caps and Mid Caps are mostly overlooked by investors as all the focus goes to Magnificent 7. These stocks that are not part of the beauty contest require a deeper look. However, all large cap stocks were once small caps. Grufity's Fair Value model opens up this unverse as it separates high-performing, rewarding stocks from low-performing risky stocks. <b>Russell 2000 stocks that were marked 'Very Cheap' by the model doubled in three years while the index was flat.</b>

Returns of $10,000 invested in:

Very Cheap Stocks: $21,859
Russell 2000 Index: $10,334
Very Expensive Stocks: $8,224

Russell 2000 stocks considered 'Very Cheap' by the model greatly outperformed Russell 2000 index and the 'Very Expensive' bucket over past three years.

Russell 2000 Index

Very Expensive Stocks

Very Cheap Stocks

Try For Just $1.99

Tracking the Latest Insider Buys and Sells of Daseke Inc

Filter Transactions

Datesorted ascending	Name	Buy/Sell	$ Value	Avg. Price	# Shares	Title
Apr 01, 2024	roy soumit	back to issuer	-1,876,280	8.3	-226,058	evp, clo, gc and corp. sec.
Apr 01, 2024	serianni charles f	back to issuer	-675,006	8.3	-81,326	-
Apr 01, 2024	koschel williams ena	back to issuer	-691,606	8.3	-83,326	-
Apr 01, 2024	blaise bruce	back to issuer	-198,345	8.3	-23,897	-
Apr 01, 2024	shepko jonathan	back to issuer	-5,022,940	8.3	-605,174	ceo
Apr 01, 2024	lovett melendy e	back to issuer	-328,556	8.3	-39,585	-
Apr 01, 2024	bonner brian	back to issuer	-4,267,290	8.3	-514,131	-
Apr 01, 2024	coley aaron	back to issuer	-797,331	8.3	-96,064	evp and cfo
Apr 01, 2024	garbers grant edward	back to issuer	-302,875	8.3	-36,491	-
Apr 01, 2024	ellingsen catharine d	back to issuer	-319,517	8.3	-38,496	-

Which funds bought or sold DSKE recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
Apr 23, 2024	AMALGAMATED BANK	reduced	-75.95	-36,000	11,000	-%
Apr 22, 2024	MetLife Investment Management, LLC	unchanged	-	63,365	172,814	-%
Apr 22, 2024	Raymond James Financial Services Advisors, Inc.	unchanged	-	4,027	167,137	-%
Apr 19, 2024	DENALI ADVISORS LLC	sold off	-100	-423,630	-	-%
Apr 18, 2024	Allspring Global Investments Holdings, LLC	sold off	-100	-972	-	-%
Apr 15, 2024	GoalVest Advisory LLC	unchanged	-	485	20,152	0.01%
Apr 12, 2024	Retirement Planning Group, LLC	new	-	520,410	520,410	0.04%
Apr 11, 2024	Fortitude Family Office, LLC	added	775	6,910	7,777	-%
Apr 05, 2024	CWM, LLC	new	-	-	-	-%
Apr 05, 2024	NBC SECURITIES, INC.	sold off	-100	-8,000	-	-%

Are Funds Buying or Selling DSKE?

Are funds buying DSKE calls or puts?

Calls

Puts

No. of funds holding Calls - Puts

Net Call Options

No. of funds that own DSKE

No. of Funds

Unveiling Daseke Inc's Major ShareHolders

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Apr 03, 2024	magnetar financial llc	0%	0	SC 13D/A
Mar 11, 2024	glazer capital, llc	5.07%	2,394,169	SC 13G
Feb 14, 2024	osterweis capital management inc	0.0%	0	SC 13G/A
Feb 13, 2024	tabor douglas	4.95%	2,302,500	SC 13G/A
Feb 13, 2024	vanguard group inc	5.20%	2,416,435	SC 13G
Feb 09, 2024	charles schwab investment management inc	6.52%	3,032,035	SC 13G
Jan 29, 2024	blackrock inc.	6.6%	3,056,435	SC 13G
Jan 22, 2024	magnetar financial llc	5.46%	12	SC 13D
Feb 15, 2023	tabor douglas	6.52%	2,925,000	SC 13G
Feb 14, 2023	osterweis capital management inc	0.0%	0	SC 13G/A

Recent SEC filings of Daseke Inc

View All Filings

Date Filed	Form Type	Document
Apr 12, 2024	15-12G	15-12G
Apr 08, 2024	EFFECT	EFFECT
Apr 03, 2024	SC 13D/A	13D - Major Acquisition
Apr 02, 2024	25-NSE	25-NSE
Apr 02, 2024	8-K	Current Report
Apr 01, 2024	S-8 POS	Employee Benefits Plan
Apr 01, 2024	S-8 POS	Employee Benefits Plan
Apr 01, 2024	S-8 POS	Employee Benefits Plan
Apr 01, 2024	S-8 POS	Employee Benefits Plan
Apr 01, 2024	POS AM	POS AM

Peers (Alternatives to Daseke Inc)

Name	Mkt Capsorted ascending	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
LARGE-CAP
FDX	65.5B	87.5B	-5.82%	18.03%	14.9	0.75	-5.51%	46.89%
GWW	47.1B	16.5B	-4.91%	42.64%	25.49	2.86	8.21%	18.11%
FAST	38.8B	7.4B	-12.04%	27.43%	33.5	5.25	3.46%	4.06%
JBHT	17.0B	12.8B	-14.26%	-4.59%	23.35	1.33	-13.39%	-24.87%
EXPD	16.2B	9.3B	-5.97%	2.94%	21.58	1.75	-45.52%	-44.53%
MID-CAP
CHRW	8.3B	17.6B	-5.19%	-26.00%	25.5	0.47	-28.75%	-65.43%
KNX	7.8B	7.1B	-6.93%	-11.82%	36.08	1.1	-3.86%	-71.85%
AIT	7.2B	4.5B	-4.62%	37.49%	19.22	1.61	7.15%	22.87%
BECN	6.2B	9.1B	2.27%	66.06%	14.18	0.68	8.19%	-5.10%
ARCB	3.2B	4.4B	0.85%	45.16%	16.49	0.73	-11.96%	-34.46%
SMALL-CAP
BXC	970.6M	3.1B	-12.83%	61.41%	20	0.31	-29.52%	-83.61%
CYRX	794.9M	233.3M	-6.83%	-21.37%	-7.98	3.41	-1.70%	-153.19%
CVLG	576.2M	1.1B	-3.42%	23.34%	10.43	0.52	-9.31%	-49.18%
DSKE	391.3M	1.6B	0.24%	4.02%	-22.11	0.25	-11.50%	-135.26%
AIRT	75.8M	220.4M	30.11%	-2.03%	-6.97	0.34	16.77%	-270.60%

Daseke Inc News

Latest updates

Daseke Inc Earnings Report: Key Takeaways & Analysis

Income Statement (Last 12 Months)

(In Thousands)

(*) denotes actual numbers (not divided by Thousands)
Income Statement (Quarterly)																					(In Thousands)
Description	(%) Q/Q	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4	2021Q3	2021Q2	2021Q1	2020Q4	2020Q3	2020Q2	2020Q1	2019Q4	2019Q3	2019Q2	2019Q1	2018Q4
Revenue	-10.5%	360	402	407	400	408	463	481	421	394	425	404	334	336	376	352	391	403	450	451	433	447
Costs and Expenses	-1.4%	377	382	386	388	393	431	449	403	375	384	359	326	332	348	339	399	404	767	446	432	455
Operating Expenses	-10.2%	40.00	44.00	43.00	42.00	42.00	44.00	41.00	35.00	40.00	41.00	37.00	30.00	36.00	46.00	45.00	46.00	48.00	57.00	53.00	55.00	55.00
S&GA Expenses	13.2%	23.00	20.00	16.00	19.00	20.00	18.00	18.00	17.00	63.00	1.00	1.00	1.00	67.00	0.00	0.00	1.00	1.00	1.00	1.00	1.00	1.00
EBITDA Margin	-14.4%	0.09*	0.11*	0.11*	0.11*	0.11*	0.11*	0.12*	0.14*	0.13*	0.13*	0.13*	0.11*	-	-	-	-	-	-	-	-	-
Interest Expenses	0%	13.00	13.00	12.00	12.00	11.00	9.00	7.00	7.00	7.00	7.00	7.00	8.00	10.00	10.00	10.00	11.00	11.00	12.00	12.00	12.00	12.00
Income Taxes	-132.6%	-1.50	5.00	4.00	0.00	-1.40	10.00	8.00	3.00	7.00	9.00	11.00	-0.80	-0.40	2.00	2.00	-3.90	6.00	-57.80	-0.70	-1.90	-1.70
Earnings Before Taxes	-466.7%	-28.60	8.00	10.00	1.00	6.00	23.00	25.00	16.00	15.00	30.00	46.00	-8.10	6.00	15.00	4.00	-20.20	-10.50	-329	-2.90	-17.50	44.00
EBT Margin	-145.2%	-0.01*	0.01*	0.02*	0.03*	0.04*	0.04*	0.05*	0.06*	0.05*	0.05*	0.04*	0.01*	-	-	-	-	-	-	-	-	-
Net Income	-946.9%	-27.10	3.00	6.00	1.00	7.00	13.00	18.00	13.00	7.00	21.00	35.00	-7.30	6.00	13.00	2.00	-16.30	-18.40	-271	-2.20	-15.60	-20.10
Net Income Margin	-211.9%	-0.01*	0.01*	0.02*	0.02*	0.03*	0.03*	0.03*	0.05*	0.04*	0.04*	0.03*	0.01*	-	-	-	-	-	-	-	-	-
Free Cashflow	-15.7%	22.00	26.00	20.00	22.00	22.00	47.00	6.00	20.00	10.00	41.00	16.00	24.00	-	-	-	-	-	-	-	-	-

Balance Sheet

(In Millions)

(*) denotes actual numbers (not divided by Millions)
Balance Sheet																					(In Millions)
Description	(%) Q/Q	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4	2021Q3	2021Q2	2021Q1	2020Q4	2020Q3	2020Q2	2020Q1	2019Q4	2019Q3	2019Q2	2019Q1	2018Q4
Assets	-4.3%	1,136	1,187	1,168	1,198	1,195	1,223	1,170	1,130	1,087	1,110	1,088	1,046	1,127	1,176	1,134	1,138	1,141	1,190	1,503	1,500	1,391
Current Assets	-9.7%	282	312	320	380	378	433	412	385	350	368	335	294	365	399	361	372	327	344	327	313	308
Cash Equivalents	-0.8%	77.00	77.00	94.00	161	153	188	152	154	148	144	112	107	176	190	157	108	96.00	80.00	64.00	62.00	46.00
Net PPE	-0.3%	556	558	532	494	488	456	421	398	398	394	394	394	403	379	389	388	464	463	580	599	573
Goodwill	-9.5%	124	137	138	137	137	137	142	148	140	140	140	140	140	140	140	139	140	146	259	259	258
Liabilities	-2.2%	985	1,007	992	1,004	1,002	991	951	929	911	941	930	914	988	1,044	1,015	1,021	1,006	1,039	1,080	1,074	944
Current Liabilities	-9.4%	251	277	264	248	244	258	243	235	212	225	218	209	191	239	227	229	220	248	233	233	194
Long Term Debt	-	564	-	-	-	582	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
LT Debt, Current	-4.7%	91.00	95.00	90.00	81.00	78.00	69.00	60.00	55.00	56.00	56.00	55.00	53.00	54.00	55.00	55.00	58.00	59.00	62.00	62.00	64.00	64.00
Shareholder's Equity	-15.6%	151	179	177	193	193	232	219	200	176	169	158	132	139	132	119	117	135	151	423	426	441
Retained Earnings	-12.6%	-259	-230	-231	-234	-232	-237	-248	-265	-276	-282	-302	-336	-327	-332	-344	-344	-327	-309	-36.30	-32.80	-51.00
Additional Paid-In Capital	0.2%	298	297	295	296	293	404	402	400	388	386	395	403	402	400	399	398	397	396	395	394	434
Shares Outstanding	0.5%	47.00	46.00	46.00	45.00	45.00	64.00	63.00	63.00	64.00	64.00	65.00	65.00	-	-	-	-	-	-	-	-	-
Float	-	-	-	317	-	-	-	285	-	-	-	292	-	-	-	180	-	-	-	163	-	-

Cashflow (Last 12 Months)

(In Thousands)

(*) denotes actual numbers (not divided by Thousands)
Cashflow (Quarterly)																					(In Thousands)
Description	(%) Q/Q	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4	2021Q3	2021Q2	2021Q1	2020Q4	2020Q3	2020Q2	2020Q1	2019Q4	2019Q3	2019Q2	2019Q1	2018Q4
Cashflow From Operations	-22.0%	26,200	33,600	27,900	31,000	30,300	54,800	22,700	29,200	29,000	57,600	28,600	29,500	22,500	39,500	53,200	29,700	24,700	34,500	18,500	36,400	58,500
Share Based Compensation	288.2%	3,200	-1,700	1,900	5,100	2,700	2,400	2,200	4,200	3,300	2,100	800	2,400	1,000	2,300	1,700	900	900	1,000	900	1,000	900
Cashflow From Investing	200.0%	1,700	-1,700	-2,000	2,700	4,200	-400	-7,500	-16,600	-8,800	5,100	3,700	4,900	-2,400	12,500	20,200	1,300	9,400	2,000	3,700	700	3,300
Cashflow From Financing	40.7%	-28,600	-48,200	-93,800	-25,800	-68,900	-18,900	-17,300	-6,300	-16,300	-31,000	-27,800	-103,100	-33,700	-19,400	-23,300	-20,000	-17,700	-20,300	-21,100	-20,500	-34,800
Buy Backs	-	-	-	-	-	44,900	-	-	-	-	-9,800	-10,500	-	-	-	-	-	-	-	-	-	-

DSKE Income Statement

2023-12-31

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues:
Total revenue	$ 1,569.4	$ 1,773.3	$ 1,556.8
Operating expenses:
Salaries, wages and employee benefits	412.4	402.4	378.3
Operations and maintenance	168.9	162.5	147.8
Administrative	78.5	72.4	64.7
Insurance and claims	61.4	76.7	61.3
Acquisition-related transaction expenses	1.5	3.8	0.0
Depreciation and amortization	106.5	92.8	88.1
Gain on disposition of property and equipment	(12.3)	(21.0)	(17.1)
Impairment	17.9	9.4	0.0
Restructuring	0.5	2.4	0.3
Total operating expenses	1,533.2	1,674.9	1,444.0
Income from operations	36.2	98.4	112.8
Other expense (income):
Interest income	(4.6)	(2.8)	(0.3)
Interest expense	52.2	35.4	33.5
Change in fair value of warrant liability	0.0	(4.7)	(1.6)
Other	(1.0)	0.7	(0.8)
Total other expense	46.6	28.6	30.8
Income (loss) before income taxes	(10.4)	69.8	82.0
Income tax expense	7.3	19.6	26.0
Net income (loss)	(17.7)	50.2	56.0
Other comprehensive income (loss):
Foreign currency translation adjustments	0.5	(0.4)	0.0
Comprehensive income (loss)	(17.2)	49.8	56.0
Net income	(17.7)	50.2	56.0
Net income (loss) attributable to common stockholders	$ (27.0)	$ 44.5	$ 51.0
Earnings (loss) per common share:
Basic	$ (0.59)	$ 0.73	$ 0.79
Diluted	$ (0.59)	$ 0.7	$ 0.77
Weighted-average common shares outstanding:
Basic	45,822,936	60,459,451	63,744,456
Diluted	45,822,936	63,283,502	65,409,258
Series A
Other comprehensive income (loss):
Less dividends to convertible preferred stockholders	$ (5.0)	$ (5.0)	$ (5.0)
Weighted-average common shares outstanding:
Dividends declared per convertible preferred share	$ 7.63	$ 7.63	$ 7.63
Series B perpetual preferred stock
Other comprehensive income (loss):
Less dividends to convertible preferred stockholders	$ (4.3)	$ (0.7)	$ 0.0
Weighted-average common shares outstanding:
Dividends declared per convertible preferred share	$ 74.94	$ 11.46	$ 0
Company freight
Revenues:
Total revenue	$ 654.9	$ 650.3	$ 629.7
Operating expenses:
Purchased freight	542.0	698.0	598.5
Owner operator freight
Revenues:
Total revenue	422.3	509.9	486.5
Brokerage
Revenues:
Total revenue	242.1	321.2	269.0
Logistics
Revenues:
Total revenue	59.9	53.8	39.2
Fuel surcharge
Revenues:
Total revenue	190.2	238.1	132.4
Operating expenses:
Fuel	139.8	159.6	107.3
Service
Operating expenses:
Taxes and licenses	$ 16.1	$ 15.9	$ 14.8

DSKE Balance Sheet

2023-12-31

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 76.6	$ 153.4
Accounts receivable, net of allowance of $1.8 and $2.3 at December 31, 2023 and 2022, respectively	157.8	179.0
Drivers advances and other receivables	10.6	7.9
Other current assets	36.7	37.9
Total current assets	281.7	378.2
Property and equipment, net	556.1	488.3
Intangible assets, net	71.8	80.6
Goodwill	124.2	137.3
Right-of-use assets	98.9	107.6
Other non-current assets	3.4	3.4
Total assets	1,136.1	1,195.4
Current liabilities:
Accounts payable	13.6	14.7
Accrued expenses and other liabilities	39.7	44.9
Accrued payroll, benefits and related taxes	28.2	30.8
Accrued insurance and claims	48.5	40.6
Current portion of long-term debt	90.7	78.4
Current operating lease liabilities	29.9	34.4
Total current liabilities	250.6	243.8
Line of credit	0.0	0.0
Long-term debt, net of current portion	563.5	582.3
Deferred tax liabilities	93.6	95.0
Non-current operating lease liabilities	75.5	79.6
Other non-current liabilities	1.5	1.7
Total liabilities	984.7	1,002.4
Commitments and contingencies (Note 15)
Stockholders' equity:
Common stock, par value $0.0001 per share; 250,000,000 shares authorized, 46,566,542 and 45,028,041 shares issued and outstanding at December 31, 2023 and 2022, respectively	0.0	0.0
Additional paid-in-capital	298.0	293.1
Accumulated deficit	(259.3)	(232.3)
Accumulated other comprehensive income (loss)	0.1	(0.4)
Total stockholders' equity	151.4	193.0
Total liabilities and stockholders' equity	1,136.1	1,195.4
Series A convertible preferred stock
Stockholders' equity:
Preferred Stock, Value	65.0	65.0
Series B perpetual preferred stock
Stockholders' equity:
Preferred Stock, Value	$ 47.6	$ 67.6

About Daseke Inc

Daseke, Inc. provides transportation and logistics solutions in the United States, Canada, and Mexico. It operates through two segments, Flatbed Solutions and Specialized Solutions. The company transports aircraft parts, manufacturing equipment, structural steel, pressure vessels, wind turbine blades, commercial glass, high security cargo, industrial and hazardous waste, arms, ammunition and explosives, lumber, and building and construction materials, as well as heavy machinery, such as construction, mining, and agriculture. It also offers logistical planning and warehousing services. As of December 31, 2022, it operated 2,971 company-owned tractors and 2,011 independent owned contractors tractors; and 10,723 trailers. Daseke, Inc. was founded in 2008 and is headquartered in Addison, Texas.

CEO	Mr. Jonathan M. Shepko
WEBSITE	daseke.com
INDUSTRY	Integrated Freight & Logistics
EMPLOYEES	4123

Daseke Inc Frequently Asked Questions

What is the ticker symbol for Daseke Inc? What does DSKE stand for in stocks?

DSKE is the stock ticker symbol of Daseke Inc. Every public company that trades on a stock exchange gets a ticker symbol.

What is the market capital of Daseke Inc (DSKE)?

As of Wed Apr 24 2024, market cap of Daseke Inc is 391.29 Million. The market capitalization is calculated by multiplying the stock price with the number of shares outstanding.

What is the fair value of DSKE stock?

You can check DSKE's fair value in chart for subscribers.

What is the fair value of DSKE stock?

You can check DSKE's fair value in chart for subscribers. The fair value of Daseke Inc is provided for various growth and macro-economic scenarios from very pessimiatic to very optimistic assumptions. These fair values are estimates from Grufity's Fair Value model based on company's past performance. However, past performance of Daseke Inc is no guarantee of future performance. These fairvalue estimates should only be used as one of the inputs in your stock analysis. We provide model's historical fair value estimates for DSKE so that you know how good or bad the model has been in the past so you can discard it if needed. There are others that provide fair values of stocks such as wallmine, finbox, gurufocus and finviz. Most provide point in time estimates. We provide a history of our models fair value estimates so that you can get a sense of it's usefulness. Otherwise this data point is of little use.

Is Daseke Inc a good stock to buy?

The fair value guage provides a quick view whether DSKE is over valued or under valued. Whether Daseke Inc is cheap or expensive depends on the assumptions which impact Daseke Inc's fair value. We provide several scenarios of inflation and growth to encompass these range of assumptions for DSKE.

What is Daseke Inc's Price to Earnings (PE) and Price to sales (PS) ratio?

As of Wed Apr 24 2024, DSKE's PE ratio (Price to Earnings) is -22.11 and Price to Sales (PS) ratio is 0.25. The price to earnings and price to sales ratio are two most important valuation metrics for any company. PE ratio tell us the number of years of earnings investors are ready to pay for owning the company. Historically, S&P500 price to earnings ratio has fallen below 12 during periods of gloom and gone past 30 during periods of euphoria. DSKE PE ratio will change depending on the future growth rate expectations of investors.