Core Insights - Progressive's stock experienced a decline of 2.9% in late morning trading following a downgrade by Morgan Stanley from Equalweight to Underweight, primarily due to concerns regarding sharply decelerating growth [2] Company Summary - The downgrade by Morgan Stanley reflects worries about Progressive's growth trajectory, indicating that the company's performance may not meet market expectations moving forward [2] - September results were reported to be somewhat in-line when excluding certain factors, suggesting that there may be underlying issues affecting overall growth [2]