I'm a big fan of shopping lists. They keep me focused amid the kaleidoscope of too-good-to-pass-up offers at the supermarket.

"Do I really need this?" I'll ask as I check out a 64-ounce container of ketchup that's been marked down 75%. If it's not on my list, chances are I'll pass -- no matter how good a deal it might be. However, if I see "ketchup" on my list, it's go time -- safe in the knowledge that I'm not making an impulse buy.

So it is with the stock market. For investors who plan ahead, stock market downturns are the time to pull out their stock shopping lists and take advantage of marked-down prices. With that in mind, let's have a closer look at three stocks worth considering right now.

Person grocery shopping.

Image source: Getty Images.

1. Spotify

There's no doubt in my mind that a wholesale market correction would push the stock price of Spotify (SPOT 2.55%) lower. After all, it's an unprofitable tech disruptor that has struggled with cost discipline at times.

Yet, it's also a name I want on my shopping list if the market falls out of bed, and here's why:

  • Spotify is cash-flow-positive.
  • It has $3.4 billion of cash on its balance sheet.
  • Its management owns roughly 40% of its outstanding shares.

In other words, this company isn't going anywhere, even if the broader economy or the stock market gets spooked. For one thing, Spotify remains in the growth stage of its business life cycle as it nears the major milestone of 500 million monthly active users (MAUs). Even so, it remains focused on gaining paid and ad-supported users and determining the right mix of subscriber versus ad-driven revenue. 

Granted, the company will need to eventually bear fruit and show that it can be profitable. However, that is a challenge for another day. Right now, the market is happy to reward Spotify for growth in MAUs and revenue. And with total revenue growing at 18% year over year, its stock has surged 62% year to date.

If the overall market takes a nosedive, smart investors will keep an eye on Spotify as a name to consider on the dip.

2. Duolingo

I was a skeptic when I first came across Duolingo (DUOL 1.49%). After all, in a world where nearly everyone carries a pocket translator in the form of their smartphone, who needs a language learning app?

At any rate, I didn't think it would make for a great business model. But, here again, my first impressions were wrong. 

Duolingo is fun and easy to use. In fact, I'm in the middle of a 60-day learning streak as I prepare for a summer trip to Italy. What's more, Duolingo is the type of app that immediately appeals to people of all backgrounds. Whether you want to learn some basic phrases to use on vacation or fully immerse yourself in preparation for a move abroad, Duolingo has you covered.

Financially, the company is cashing in. Revenue jumped to $104 million in its latest quarter (the three months ended on Dec 31, 2022). That's up 42% from a year earlier. Monthly active users skyrocketed to 16.3 million -- an increase of 62% year over year. Paid subs rose even more, surging 67%.

And while overall profitability is still a ways off, the company's net loss did narrow from $59.6 million to $13.9 million. Nevertheless, the market is taking notice of this diamond in the rough; shares are up 77% year to date. And if the overall market takes a slip, it's a name growth investors should consider adding.

3. Tesla

Just as certain groceries are always on my list, there are certain stocks I'm always willing to buy -- if they get cheap enough. Such is the case with Tesla (TSLA 3.17%).

The company is simply too good not to own. Revenue grew from $26 billion in 2020 to $81 billion in 2022. Over that same period, production increased from 500,000 vehicles to 1.31 million. In addition, the company's latest factories in Texas and Germany will further boost production figures.

TSLA Revenue (TTM) Chart.

TSLA Revenue (TTM) data by YCharts.

Incidentally, these rising production levels could allow Tesla to cut prices further. Thus making its vehicles more affordable to a broader range of consumers as the company goes for its long-term goal of producing and selling 20 million vehicles annually.

Eventually, Tesla will transition from a growth company to a lucrative cash cow, and I want to own it throughout the journey. Like a highly discounted grocery essential, it's a name I want to stock up on whenever I get the chance.