Hurricane Bud forms near Mexico May 24, 2012 -- Updated 0626 GMT (1426 HKT) Bud is the second named storm of the East Pacific hurricane season The Category 1 storm is expected to approach land Friday evening (CNN) -- Hurricane Bud formed off the southwestern coast of Mexico late Wednesday, the National Hurricane Center in Miami reported. The Category 1 storm with 75 mph winds was located about 385 miles (620 kilometers) southwest of Manzanillo, and was tracking to the north at 6 mph. "Additional strengthening is forecast during the next 240 hours," the hurricane center said. Some slight weakening is forecast to begin by Friday. The forecast map shows the storm approaching the coast late Friday before slipping off to the southwest and away from land. Bud is the second named tropical storm of the East Pacific hurricane season. CNN's Ed Payne and Scott Thompson contributed to this report