In a challenging environment, these stocks are delivering what the market wants to see, says Morgan Stanley

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The stock market is rewarding companies that can deliver earnings in a challenging operating environment, says Morgan Stanley.

Stock futures are being whipsawed by volatility, as the conflict in Ukraine intensified overnight and into Tuesday, with heavy bombardment of major cities by Russian forces.

Russian President Vladimir Putin and his government thus far remain undeterred neither by the growing humanitarian crisis, nor the threat of economic collapse as a mountain of sanctions grow. “Our work suggests the market is paying up for companies that have a better chance of delivering earnings in a more challenging operating environment,” said Wilson. “Rather than growth or defensiveness, the market wants operational efficiency defined as low capex/sales growth and employee turnover.”

Below is a list of high achievers who are all members of the top 1,000 U.S. stocks by market cap, with operational efficiency in the top 20% of their sector and rated overweight at Morgan Stanley. Coca-Cola KO , Walt Disney DIS , Chevron CVX , Wells Fargo WFC and Qualcomm QCOM are at the top of that list.

Chevron CVX is climbing, after the oil giant doubled its stock buyback plan to up to $10 billion a year.

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