Textron Inc (TXT) has flown past the Zacks Consensus Estimate of a loss of 2 cents per share to register earning per share (EPS) of 12 cents in the third quarter of fiscal 2009. However, it fell far short of the year-ago figure of 85 cents per diluted share. The company also digested a $42 million charge in the quarter (10 cents per share) for its ongoing restructuring program. Revenues cascaded 27% to $2.5 billion in the reported quarter from $3.5 billion in the year-ago quarter. The Cessna segment’s revenues decreased $593 million year-over-year to $825 million, primarily reflecting lower delivery of Citation jets (68 jets compared to 124 in the year-ago quarter). Bell’s revenues decreased $74 million year-over-year to $628 million on account of lower commercial helicopter revenues. Revenues for the Industrial segment decreased $203 million to $523 million compared to year-ago quarter due to ...

It's a relatively quiet week on the earnings front with only 50 companies scheduled to report, including a smattering of retailers and food companies. Only 2 S&P 500 members are on tap to report including Campbell Soup Co. (CPB) and National Semiconductor (NSM).

The economic calendar is also quiet to start the first "real" trading week in September, as Wall Street comes back from August vacations. It's a shortened trading week due to the Labor Day holiday on Monday.

Monday: Markets closed for Labor Day Tuesday: ICSC-Goldman Store Sales, Redbook Wednesday: Beige Book Thursday: International trade, weekly jobless claims, weekly natural gas inventories, weekly crude inventories Friday: Import and export prices, University of Michigan consumer sentiment survey for September, Treasury budget Volume is likely to return to more "normal" levels to start the week. Despite recent weakness in the markets, the bulls remain in charge. Wall Street will also be watching trading

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As I write this Friday morning, it is a quiet day on the markets. Stocks are mostly unchanged, largely due to a lack of news and a lack of volume.

I expect volume to remain below average until Jan 5. Many portfolio managers have closed the books and there is very little news scheduled for the next 7 days.

January should be interesting. There may be excitement heading into the inauguration. It would not surprise me to see some type of Obama rally.

On the other hand, fourth-quarter earnings are going to be lousy. Current forecasts show 276 S&P 500 companies reporting a year-over-year decline in profits. Earnings for the S&P 500 will still be positive, however, with modest growth of 3.3%. Coal, drug, medical products and refining companies should report the strongest growth. Avoid steel and semiconductor companies.

The economic data won't be positive either. December was another month

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