Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Reliance Steel (RS) initiated with a Neutral at Citi. 2. Bausch Health (BHC) assumed with an Overweight at Barclays. 3. Stanley Black & Decker (SWK) initiated with an Outperform at Credit Suisse. 4. Aramark (ARMK) initiated with an Outperform at Bernstein. 5. Kraft Heinz (KHC) was assumed with an Underweight at Morgan Stanley, while Mondelez (MDLZ), General Mills (GIS), and Kellogg (K) were assumed with an Equal Weight. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.

Reliance expects a better than normal seasonal recovery in demand in the second quarter of 2024 despite prevailing macroeconomic uncertainty and geopolitical matters. Accordingly, the company estimates its tons sold will be up 2.5% to 4.5% in the second quarter of 2024 compared to the first quarter of 2024, with approximately 2% of the sequential growth coming from recently completed acquisitions on April 1, 2024. In addition, Reliance expects its average selling price per ton sold for the second quarter of 2024 to be down 1% to 3% compared to the first quarter of 2024. The company also anticipates short term gross profit margin pressure in the second quarter of 2024 as it works through higher cost inventory on hand. Based on these expectations, the company anticipates non-GAAP earnings per diluted share in the range of $4.70 to $4.90 for the second quarter of 2024.