American Express (AXP) Investors 'Sell' Costco, 'Yawn' Sam's Club

Traders are taking note that American Express (NYSE: AXP) stock was creamed when it was announced earlier this year that it lost Costco (NASDAQ: COST), but the stock has done literally nothing today amid news that it has signed a similar deal with Sam's Club (NYSE: WMT).

In February, American Express announced that its U.S. co-brand and merchant acceptance agreements with Costco Wholesale Corporation (Nasdaq: COST) are set to end on March 31, 2016. The stock sank 6.4% on the day it was announced. Today, with the Sam's Club deal, the stock is up just 0.3%.

Sam's Club club operates 650 locations in the U.S. and Puerto Rico. While Costco operates 480 stores in the United States and Puerto Rico.

The muted reaction from the new deal could suggest that investors don't view Sam's Club members as aligned with American Express as Costco members where.

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