Phases of COVID-19 crisis:
Early- to mid-March 2020:
Fear of the coronavirus outbreak spreading rapidly translates into
reality, with number of cases accelerating globallyLate-March 2020 onward:
Social distancing measures + lockdownsApril 2020:
Fed stimulus suppresses near-term survival anxietyMay/June 2020:
Recovery of demand, with gradual lifting of lockdowns - no panic anymore with cases within manageable capacity of hospitals and care providersJuly 2020:
Poor Q2 results, but continued
improvement in demand and
gradual increase in cases buoys expectations
While Adobe's stock had declined due to the Coronavirus crisis, it has recovered well post the stimulus package declared by the Fed. Hence, it is likely that it might potentially underperform as the crisis winds down.