Fears of recession intensified last week following actions by the Federal Reserve and other central banks to tame inflation, along with the release of depressed US economic data. These concerns pushed the S&P 500 into bear market territory and closed Friday’s session down 23.7% from its January record. The Dow Jones Industrial Average closed the week down 19.1% from its highest level ever, just outside a bear market. All that said, Morgan Stanley highlighted some stocks that it believes are equipped to withstand this type of storm. Bank strategists screened the Russell 1000 index – excluding finance, real estate and utilities – for companies with strong balance sheets. Here are the criteria used for the screen: Cash as a percentage of the company’s value of more than 3% More than 5% growth in free cash flow expected by analysts in each of the next two years. Expected return on invested capital in each of the next two years of more than 10% Asset-to-liabilities multiple of more than 1 Debt-to-equity ratio of less than 2.5 This screen includes only shares that have credit ratings of investment quality and excludes names with negative equity. Check out 10 names that came on the list: Micron made Morgan Stanley’s cash list as a percentage of the company’s value of 12.2%. The chip maker’s free cash flow is also expected to more than double next year and grow by almost 52% the following year. The company’s stock has struggled this year, falling about 40% in that time. However, last week UBS reiterated it as a top choice, noting that company-specific and industry-specific factors should support its margins. “Under macro concerns, we believe investors continue to overlook several key factors,” wrote analyst Tim Arcuri. “Although weakness in the end market in PC / smartphones weighs heavily on short-term DRAM ASPs, we see very strong price support heading into C2023, as industry growth in bit supply is set to compress significantly.” United Therapeutics topped Morgan Stanley’s cash list as a percentage of the company’s value of 24.9%. Analysts also expect double-digit growth in free cash flow over the next two years and see a return on investment capital of 14.3% and 13.5% over these years. The shares in the biotech company have outperformed the market in 2022, which has had a small gain during that time. The stock has also risen 20% over the past 12 months. The shoemaker Skechers also managed the cut with 8.5% cash as a percentage of the company’s value. The company’s free cash flow is expected to grow by only 7.1% next year, but it is expected to jump by 72.5% the following year. The stock has fallen about 16% in 2022, surpassing the S&P 500. Argus Research upgraded it to buy from teams last week, noting that the company’s “supply chain initiatives and strong brand are likely to increase revenue and earnings over the next two years” year.” The Google parent alphabet is also on the list, with cash as a percentage of the company’s value of 7.2%. The company’s free cash flow is also expected to grow by 13.4% and 17.7% in each of the next two years. Alphabet shares have fallen 26% this year as investors have broadly dumped technology names in light of rising prices. Other stocks that came on the list are: Arista Networks, Johnson & Johnson, Merck, Five Below, Jabil and Emerson Electric. —CNBC’s Michael Bloom contributed to this report.