Red-hot chip maker SK Hynix's announcement that it would conduct South Korea's largest-ever buyback is a head-scratcher.
Even after a recent slump, the stock was up 470% from a year earlier. Management had ample financial firepower to buy during that ascent and didn't. Even weirder is that they sold nearly the same amount of stock to U.S. investors just last month.
In today's Markets A.M. newsletter, I discuss why timing is everything when it comes to buybacks. You can sign up here.