'Fast Money' Recap: Big Blue Boosts Markets

NEW YORK (TheStreet) -- The broader market closed at another record high as the Federal Reserve began its two-day Federal Open Market Committee meeting. 

On CNBC's "Fast Money" TV show, Josh Brown, a financial adviser at Ritholtz Wealth Management, said the Dow Jones Industrial Average is lagging small-cap and mid-cap indices. He said International Business Machine's (IBM) share buyback announcement boosted the index and the other stocks on Tuesday. 

Dan Nathan, co-founder and editor of riskreversal.com, said it seems unhealthy for earnings per share to continue growing while revenue remain flat. 

Jon Najarian, co-founder of optionmonster.com and trademonster.com, said IBM was desperate and needed to do something. He added that the Fed, short-covering and corporate buybacks are all fueling the market gains. 

Guy Adami, managing director of stockmonster.com, said the move higher in IBM seems like a head fake that the S&P 500 could trade down to 1,740 by the end of the week. 

Brian Marshall, senior managing director and head of ISI's technology team, was a guest on the show and said IBM is simply too big to grow. He added that over 50% of the company's earnings growth over the past 10 years is from share buybacks. He concluded the stock could work its way below $150.

Buffalo Wild Wings  (BWLD) beat on the top and bottom lines and Najarian said lower wing prices and liquor sales paved the way for a strong quarter.

Adami said Dreamworks Animation  (DWA) can go to $35 despite its high valuation and big after-hours move higher on a top- and bottom-line earnings beat. 

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