Surpise Q1 Moves: Tigers Buy J.C. Penney, Loeb Sells Morgan Stanley

Hedge funds filed their Q1 equity holdings over the last couple of days. While many of the stock picks and exits were expected, like everyone buying Hess Corp. (NYSE:HES) and Dell Inc. (NASDAQ:DELL) which are targets of proxy fights from their famous shareholders, there are also some moves that stood out. Here are the surprise buys/sells from the top investors in hedge fund industry. Loeb Exits Morgan Stanley, Already! If we look at Dan Loeb’s Third Point, his fund exited its entire position in Morgan Stanley (NYSE:MS) by selling 7.75 million shares. Why is this surprising? Mostly because the way Dan…