BJ's Wholesale (BJ) near term volatility elevated into Q1 results and uncertainty of Leonard Green evaluation

BJ's Wholesale (NYSE: BJ) is recently trading down 12c to $51.10 into the expected release of Q1 results on May 18. On March 22 Leonard Green & Partners disclosed that it and BJ's Wholesale entered into a confidential agreement for Leonard Green to evaluate a potential acquisition of BJ's Wholesale. May call option implied volatility is at 38, June is at 34, September is at 26; compared to its six-month average of 30 according to Track Data, suggesting larger near term price movement.

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