Dolby Laboratories Inc. (DLB:US) closed at the highest price in almost three months after the sound and video pioneer announced a special dividend.
The stock gained (DLB:US) 2.4 percent to $35 in New York, for the highest price since Sept. 19. The San Francisco-based company has advanced 15 percent this year.
Dolby joins companies from Oracle Corp. to Dish Network Corp. (DISH:US) awarding special payouts or accelerating dividend payments ahead of anticipated tax increases next year. Dolby will pay shareholders $4 a share on Dec. 27 to stockholders of record as of Dec. 21, according to a statement yesterday.
The company will spend about $408 million on the payout, according to the statement.
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