We are on the edge of the first-quarter 2016 earnings release for the aerospace and defense sector. The overall picture is a little depressing with the sector expected to register a 10.8% decrease in earnings and meager 0.6% revenue growth.However, the S&P 500 Aerospace & Defense (Industry) index grew 3.45% so far this year and 2.57% last week. In comparison, the S&P 500 index showed 3.01% growth year to date and 2.56% last week.Among the important highlights, the prime defense contractor, Lockheed Martin Corp. LMT won many small as well as big ticket programs from the Pentagon’s daily funding list.The U.S. Navy awarded Raytheon Co. RTN a billion dollar contract for next-generation jammer development. Triumph Group, Inc. TGI, on the other hand, made strategic moves to retain competitiveness and profitability.(Read Defense Stock Roundup for Apr 12, 2016 here.)Recap of the Week’s Most Important Stories1. Raytheon Company has won a contract worth $1 billion from the U.S. Navy for the development of 15 Next Generation Jammer (“NGJ”) engineering development model pods. Contracting activity is Naval Air Systems Command, Patuxent River, MD.This contract covers the engineering and manufacturing development phase of the NGJ. The new tactical jammer will replace the ALQ-99 tactical jamming system, which is more than 40 years old. The ALQ-99 is presently used on the U.S. Navy EA-18G electronic attack aircraft manufactured by The Boeing Company BA. Raytheon was selected for the program in 2013 (read more: Raytheon Wins $1B Navy Contract for New Tactical Jammer).2. Triumph Group, Inc. TGI, a Pennsylvania-based aerospace and defense supplier with operations in Wichita, is streamlining its business units from six to four to reduce costs and better support its “go-to-market strategies.”Daniel J. Crowley, Triumph Group’s President and Chief Executive Officer said that the company is entering into a new chapter where “The success of our transformation begins with the important step of aligning with our core markets and operating as One Triumph Team to leverage our scale and create efficiencies.” The company however provided no details of cost savings (read more: Triumph Restructures Business Units to Drive Profits).3. The Boeing Company has received a foreign military sales (“FMS”) contract for CH-47F Chinook helicopters. This is a modification contract, valued at $308 million. Army Contracting Command, Redstone Arsenal, AL, is the contracting activity.This FMS contract involves the delivery of 12 CH-47F Chinook helicopters to Holland. The work will be carried out at Ridley Township, PA.The Boeing CH-47 Chinook is an American twin-engine, tandem rotor heavy-lift helicopter. Its speed of 170 knots is faster than other existing utility and attack helicopters. Its main functions include troop movement, artillery emplacement and battlefield resupply (read more: Boeing Wins Chinook Contract from Department of Defense).4. Shares of Huntington Ingalls Industries, Inc. HII hit a 52-week high of $142.15 on Apr 12. In fact, the largest military shipbuilder in the U.S. has seen its stock price climb about 13.48% year-to-date, outperforming the S&P 500 peer group average of 2.47% over the same time frame.On Apr 12, analysts at Goldman Sachs raised their price target on the stock from $139.00 to $148.00. Currently, Goldman Sachs has a neutral rating on the stock (read more: Huntington Ingalls Hits 52-Week High on Analyst Upgrade).5. In the not-so-good corner, General Dynamics Corp.’s GD stealthy, electric-powered destroyer for the U.S. Navy will be delivered almost three years late, as per the Pentagon’s latest schedule.The Navy now expects the delivery of the first (DDG-1000) of three Zumwalt-class vessels in a $22.4 billion program, by midyear, as per the Defense Department’s annual “Selected Acquisition Report” on the program.The growing delays “are due to overall effects of shipyard production and test challenges,” according to the report sent to Congress last month and revealed by Bloomberg News.6. A Boeing and Lockheed Martin joint venture, United Launch Alliance (“ULA”), has announced its plans to lay off more than 800 of its total workforce by the end of 2017 to better position itself against its competitors.The first round of lay offs will start in 2016, with over 375 volunteer job cuts expected. The company expects an additional 400 to 500 job cuts to come by the end of 2017.PerformanceIn spite of continuing volatility, last week’s trading sessions were not so bad with none of the defense stocks facing a sell-off. Rockwell Collins Inc. COL gained the most followed by L-3 Communications Holdings Inc. LLL.The past six-month picture is, however, peppered with gains and losses. Northrop Grumman gained the most while Boeing was the biggest loser.The following table shows the price movement of the major defense players over the past five trading days and during the last six months. Company Last Week Last 6 months LMT 0.51% 9.45% BA 1.93% -3.18% GD 2.05% -2.44% RTN 0.25% 13.21% NOC 1.29% 17.15% COL 3.56% 13.98% TXT 2.10% -1.40% LLL 2.23% 12.71% What’s Next in the Defense World?Textron will report its first-quarter earnings on Apr 20, 2016, before the opening bell.Rockwell Collins Inc. will report second-quarter fiscal 2016 results on Apr 21, 2016.Lockheed Martin will release first-quarter numbers on Apr 26, 2016, before the market opens.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report BOEING CO (BA): Free Stock Analysis Report GENL DYNAMICS (GD): Free Stock Analysis Report LOCKHEED MARTIN (LMT): Free Stock Analysis Report ROCKWELL COLLIN (COL): Free Stock Analysis Report TRIUMPH GRP INC (TGI): Free Stock Analysis Report RAYTHEON CO (RTN): Free Stock Analysis Report L-3 COMM HLDGS (LLL): Free Stock Analysis Report HUNTINGTON INGL (HII): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research