Bloomberg reports Iraq is seeking to buy $10.9 billion in weapons and services from U.S. defense contractors such as Boeing (BA), Textron (TXT), Raytheon (RTN) and General Dynamics (GD) for security and stability throughout the country.

The U.S. Defense Security Cooperation Agency said today on its website that the government of Iraq has asked for as many as 140 M1A1 Abrams tanks and 156 AM General Humvees. The Iraqi government wants the equipment for the eventual withdrawal of the U.S. military. In addition to tanks, it is seeking light armor, helicopters, security vehicles, and transport planes.

The defense agency said the proposed sale would help improve the security of a friendly country. In addition, the equipment would help Iraq in developing a strong, more advanced military force.

From the Bull Pen: The news doesn’t have much of a material effect on the stocks. But it does highlight an important sector. In this space, Teledyne Technologies (TDY) might be a better upside play. Near-term sell-stops can be set below $60.

From the Bear Cave: Raytheon may be the better downside play. Bears can short the stock with buy-stops above $58.

Have a great weekend! Woo! Woo!