While it looked as if Egypt's rebellion would be the model for all future uprisings, Libya hasn't fit that mold. The uprising in Libya -- aided now by military help from France, the U.K., and the U.S. -- holds all the possibilities of being a prolonged battle. Libyan leader Moammar Gadhafi has no intention of stepping down, and international forces have no intention of ousting him, at least for the time being.

The potential for a long conflict has far-reaching implications on both local and international companies -- some good, some bad. Although the real losers here are the people of Libya, I thought it'd be worthwhile to look at some widely held companies that could be on the list of potential winners or losers from this conflict.

Most defense companies are the obvious winners of U.S. involvement in Libya. Raytheon (NYSE: RTN) stands to potentially receive new orders for its Tomahawk missile after more than 100 were used on the first day of airstrikes alone. Northrop Grumman (NYSE: NOC) may get an added boost as its aircraft carriers are currently the launching point for many of the U.S.' airstrikes. Even Alcoa (NYSE: AA) could get in on the action. Raytheon's Tomahawk missiles require cast aluminum shells, which Alcoa signed an agreement to provide back in 2005.

But not everything is going to be a slam-dunk benefit for the defense sector. Just two days ago we were told of a fighter jet going down in Libya, requiring the rescue of two American pilots. This fighter jet, and the subsequent rescue helicopter, are both built by Boeing's (NYSE: BA) military aircraft division. It doesn't take much for bad publicity in an already heated and competitive environment to scare away weaker investors, and it could come back to haunt Boeing shareholders in the immediate future.

The outlook for the energy sector looks mixed at best. Russia's Gazprom (OTC BB: OGZPY.PK) looks to be the biggest beneficiary. When Libyan oil and gas output fell, Gazprom was there to pick up the slack in supplying Europe. Gazprom looks as if it will also benefit from reduced oil output in Japan and become a major supplier to that region in the coming years.

On the other side of the coin, Italian oil giant Eni (NYSE: E) might be the biggest loser of this conflict. Eni is losing almost the entirety of the roughly one-quarter of a million barrels of oil a day it produces from Libya. Sanctions currently imposed against Libya aren't allowing for the export of any oil or gas out of the country. While this hurts Eni, it potentially cripples Italy, a country that relies on importing 25% of its oil and 10% of its natural gas from Libya.

We're a long way off from knowing what the real economic implications of this uprising will be. This should, however, serve as a starting point for further research into these and related companies.

Is your portfolio ready to deal with a prolonged Libyan battle? Share your thoughts in the comments section below and consider making investing easier by adding these and your own personalized portfolio of stocks to the easy-to-use, and free, My Watchlist.

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