Apr. 4 at 7:53 PM
PickAlpha Midday:
Bloomberg reports the next phase of the U.S. campaign against Iran would draw down so many JASSM-ER cruise missiles that only about 425 would remain available outside the theater from a prewar inventory of roughly 2,300. The real takeaway is bigger than Iran: this war is no longer just burning cash — it is starting to burn through standoff munitions that were meant for other regions, especially the Pacific. 
Tickers:
$LMT $NOC $ITA.X
Our view is this is less a “buy defense” headline than a “watch strategic depletion” headline. Once a regional war starts consuming premium long-range inventory at this scale, the market has to think about rearmament, replenishment, and the rising opportunity cost of every additional week of conflict.
