Morning Briefing 2019-01-24

(1) Analysts scrambling to cut 2019 earnings estimates, but not doing so for revenues. (2) IMF shaves world GDP growth, led by Europe, with no change for US and China. (3) Q1-Q3 consensus earnings growth down to low single digits. (4) Valuation multiples may have more upside in a world of slow growth with low inflation and interest rates. (5) Two downbeat, and one upbeat, earnings conference calls. (6) Preparing for a recession reduces likelihood it will happen. (7) Will batteries be the next New, New Thing?