Downside Purchased on BJ’s Wholesale (BJ)

Shares of BJ's Wholesale Club, Inc. BJ are lower on the session by 1.09%, currently trading at $42.84. The stock has been basing sideways for the past two months after a sharp pop higher. Options traders are buying a bit of protection on the shares today. Though action has been primarily in small lots, put volume is now running at 2.54x the daily average with 87% of all calls traded being purchases on the offer. Traders were buying the $45.00 and $40.00 strikes in October. BJ's Wholesale Club, Inc. is a warehouse club operator in the eastern United States. As of January 30, 2010, BJ's operated 187 warehouse clubs in 15 states. As of January 30, 2010, the company operated 167 full-sized warehouse clubs that averaged approximately 113,000 square feet and 20 smaller format warehouse clubs that averaged approximately 72,000 square feet. Find the latest business news at FOX Business