Protection Purchased on BJ’s Wholesale (BJ)

Shares of BJ’s Wholesale Club Inc. BJ are lower on the session by 0.96%, currently trading at $43.12. The stock has been rocketing higher as of late on news that a private-equity firm is shopping the company. Options traders are protecting their gains today. The August $45.00 put was purchased 1,000 times, on or near the offer, on open interest of only 685 contracts. This signals new, bearish positioning on that strike. Put volume is now running at 3.5x the daily average. BJ’s Wholesale Club, Inc. operates warehouse clubs in the eastern United States. The company’s warehouse club operations include the sale of food comprising frozen foods, fresh meat and dairy products, beverages, dry grocery items, fresh produce and flowers, canned goods, and household paper products.