As the huge majority of stocks suffer sharp declines in value, are there any attractive equities at all? Even with reductions in share price, companies with iron-clad balance sheets, active customer bases that will not be decimated by the spread of COVID-19 and high yields that are unlikely to be cut will be among the rare safe havens.

Among these is Verizon Communications Inc. (NYSE: VZ). Most of its customer base is in the United States, shielded from troubles in other nations. It has more than 150 million wireless subscribers and a strong landline business, making it among the companies that will not suffer significant downturns in revenue. Americans will need communication services. Last year the company had revenue of $132 billion. Net income was $19.3 billion. While its stock trades toward the bottom of its 52-week range, its yield is an extraordinary 4.8% ($2.46 per share).

Microsoft Corp. (NASDAQ: MSFT) has cash and cash equivalents of over $130 billion. Much of its business is focused on business software, service software, operating software (installed on most of the world’s PCs) and its huge cloud business. These will be largely unaffected by a drop in U.S. gross domestic product. Microsoft has revenue in its last fiscal year of $125.8 billion. Net income was $39.2 billion. Both numbers have grown rapidly recently, and they have continued to rise its fiscal year closed. The dividend yield is 1.5% ($2.04 per share), and it almost certainly will be maintained through any downturn.

Coca-Cola Co. (NYSE: KO) has a yield of 3.48% ($1.64 a share). Most of its soft drink sales will continue through a downturn. Its products are inexpensive, and demand has been nearly consistent for years. Last year, Coke had sales of $37.3 billion and a net income of $8.9 billion. That revenue has been consistent or rising over the past several years. It has over $11 billion in cash, and cash flow has been positive to the extent of $10 billion from operations in 2019.

While consumer spending may drop, the need for credit cards for almost all transactions will not. This puts American Express Co. (NYSE: AXP) in an almost unique position, along with Visa and Mastercard. Products like Apple Pay have had some traction, but the “Big Three” payments companies still control the market. If consumers are forced to avoid retail locations somewhat, a huge amount of spending will move online, where American Express is a staple for payment. Amex has a yield of 2.06% ($1.72). Revenue last year was $30.1 billion and rising. Net income was $6.6, which was flat year over year, but well higher than in 2017 or 2016.

Intel Corp. (NASDAQ: INTC) has products that drive PCs, data centers, servers and many mobile devices. The need for these products, and the Intel chips that drive them, is unlikely to fall much even in a deep recession. The upgraded cycle for PCs and servers may slow, but not enough for Intel to lower its dividend, which has a 2.9% yield ($1.32). Intel’s revenue rose for four years to $72 billion in 2019. Net income has risen sharply in the same period to $21 billion. That gives the company an operating margin that is rare. Its cash position is $13.1 billion.

Consider that as the market drops, these stocks fall and their yields increase. While that might be of little comfort, they at least give investors the value of strong payouts that will not disappear.

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