Investors often get excited when their companies announce and/or launch share-buyback programs. That's because if they're well-considered and effectively managed, they can add value to the affected stock.

Alas, it doesn't seem like that's the case with 's (NYSE: NOK) latest share-repurchase initiative. On news that it has been formally launched, investors traded out of Nokia's U.S.-listed shares, and they closed Monday nearly 6% lower in price. By contrast, the S 500 index landed in positive territory, rising by 0.6%.

Before the U.S. markets opened, Nokia said that it had begun the first phase of its newest round of share buybacks. These were announced concurrently with the company's fourth-quarter and full-year results at the end of January.

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Source Fool.com