On the eve of the long Memorial Day weekend on May 28, 2021 in Annapolis, Maryland, heavy outbound traffic is moving towards the Chesapeake Bay Bridge.
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The return of auto travel in the United States has resulted in significant downtrends for insurance stocks like Progressive, according to Morgan Stanley.
Analyst Michael Phillips downgraded the stock from equal weight to underweight and said in a statement to clients on Monday that weaker-than-expected margins in Progressive’s April results weren’t a passing slip. The stock has traded sideways in the two weeks since this report was published.