IBM Corp. raised the low end of its 2008 earnings outlook Tuesday and said its board of directors had authorized a continuation of its massive stock buyback program. Its shares jumped 2.7 percent.

IBM now expects earnings per share to exceed $8.25 this year. Previously the company had given a range of $8.20 to $8.30, and analysts surveyed by Thomson Financial were expecting $8.22.

IBM has spent $94 billion buying back shares since 1995, including $18.8 billion last year. Tuesday’s decision by the board will let the technology company spend another $15 billion on share repurchases, in addition to $400 million left over from a previous authorization.

IBM said it expects to spend $12 billion of that pool buying back shares in 2008.

IBM shares were up $2.97 to $113.05 in late morning trading.