This paper investigates the US stock market performance during the crash of March 2020 triggered by COVID-19 . We find that natural gas, food, healthcare, and software stocks earn high positive returns, whereas equity values in petroleum, real estate, entertainment, and hospitality sectors fall dramatically . Moreover, loser stocks exhibit extreme asymmetric volatility that correlates negatively with stock returns . Firms react in a variety of different ways to the COVID-19 revenue shock . The analysis of the 8K and DEF14A filings of poorest performers reveals departures of senior executives, remuneration cuts, and (most surprisingly) newly approved cash bonuses and salary increases.