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
Robert Half could bounce back more strongly than the broader market, considering that it has taken a bigger hit compared to the S&P 500 in 2020, and also due to the fact that it saw a strong rebound post the 2008 financial crisis. The company's relatively low debt load and diversified services could also make it attractive to investors.