Ruger (NYSE: RGR) did essentially the same thing a couple weeks ago, announcing a special dividend of $4.50/share. The ex-dividend date is in the next week or so, the price has gone up $10/share since the announcement. That's a dpy (heh) of almost 3%, and even if the market adjusts the full $4.50 it is looking like a hell of a short term investment for someone who bought the day after the announcement.
I wish I would have pulled the trigger (heh) on that, and I did buy 30 shares of Costco this morning. Small potatoes, but we'll see how it shakes out.