CEOs warn about slowing global growth, but that doesn't mean stocks are headed for a fall

CEOs are again warning about slower global growth, particularly in Europe and China, and the question is whether this means the stock market is headed for another December-like tumble.Sure, it seems bad now that executives from several big companies — Federal Express, BMW, UBS — are warning about slower growth.

Are we in for a tidal wave of earnings disappointments and even lower guidance when earnings season ramps up in a few weeks?Word of a slowing Europe and China sent analysts into a panic in December and January. They aggressively slashed earnings expectations for the first and second quarter."They may have gone too far," Nick Raich at Earnings Scout told CNBC.

"Consensus earnings estimates were cut so dramatically, it looks like the beat rates will likely be above normal," Raich told CNBC.

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