Why Rivian Stock Slumped on Wednesday

One of the EV industry's biggest fans has lost his enthusiasm for Rivian stock.Rivian Automotive (RIVN -6.00%) stock was trading down by 4.8% as of 1:20 p.m. ET Wednesday after Morgan Stanley analyst Adam Jonas downgraded the stock one notch from overweight (i.e., buy) to equal weight (i.e., hold).Jonas' note on Wednesday regarding Rivian was only one facet in his broader downgrade of the entire U.S. automotive industry: He also downgraded Ford (F -3.96%) to equal weight and reclassified General Motors (GM ...