With its CEO expecting a global recession, FedEx (FDX) plunged 21.5% after pre-announcing a worse than expected quarter last week. One week later, in its latest quarterly filing, FedEx is pledging to spend two thirds of its current buyback in the current quarter. Of the $1.5 billion it plans to spend repurchasing shares, FedEx revealed it $1 billion of that will occur in its fiscal second quarter.

The repurchase commitment is approximately 2.5% of the company’s market cap.

With nine weeks left in the fiscal quarter— and one week after FedEx pulled its full year guidance— it’s not clear to us whether the accelerated buyback is because the company thinks shares are cheap or a favor to activist hedge fund D.E. Shaw, which presumably established a position at much higher levels.