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Shares of Foot Locker (FL) - Get Foot Locker Inc. Report  were trampled Friday, closing down nearly 16% to $44.40 after its disappointing fiscal first-quarter results.

The drop comes after the company reported non-GAAP earnings of $1.53 per share, missing estimates by 7 cents. Revenue of $2.08 billion grew 2.5% year over year but also missed expectations by $30 million.

Foot Locker stock is now hitting 52-week lows as investors trip over each other to hit the exits. Some believe, though, that the selloff is an overreaction.

After all, comparable-store sales increased 4.6% in the quarter, while inventories rose just 10 basis points. Gross margins expanded 30 basis points (although operating margins contracted 10 basis points) and revenue grew 4.7% when excluding currency fluctuations.

At the end of the day though, the beating comes as little surprise. Foot Locker had a top- and bottom-line miss, as investors navigate growing tariff concerns and as guidance calls for a full-year earnings growth rate of "just" high single-digits vs. consensus expectations of 10.6%.

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Weekly chart of Foot Locker stock.
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So far, the report is only having a limited effect across the space. Nike (NKE) - Get Nike Inc. Report stock closed down just 0.58%, while Under Armour (UA) - Get Under Armour Inc. Class C Report (UAA) - Get Under Armour Inc. Class A Report   actually climbed around .30%. Investors in Foot Locker stock only wish that's what their portfolios showed on Friday.

Four weeks ago, Foot Locker stock broke below the 10-week moving average. When it failed to reclaim this level, it was a sign that momentum had flipped and turned bearish. This week, the stock lost the 200-week moving average as well, another bearish development as the 10-week rolled over and began trending lower.

The post-earnings move acts as another wrecking ball. Shares broke through uptrend support (purple line), short-term channel support (blue line) and the 50-week moving average. Even the $45 to $46 area couldn't buoy the name. For now, the 61.8% retracement for the two-year range roughly marks the bottom.

This stock is getting flat-out decimated on the day. With so many broken levels of support, who wants to step in right here, right now?

Certainly not me.

For some, the fundamentals will be enough. Revenue growth of 4%, high single-digit earnings growth, sub-10 times this year's earnings estimates and a 3.4% dividend yield. For traders or those who blend technicals with fundamentals, Foot Locker stock will remain a no-touch until it can prove itself.

A close below $42.50 would have been bad news, as it would have suggested the selling pressure has not yet abated. On the upside, reclaiming $45 to $46 would have given investors a low to measure against and give Foot Locker shares a chance to bounce. I would give this one a few days to wash out before seeing if a potential bottom can take hold.

This article is commentary by an independent contributor. At the time of publication, the author had no positions in the stocks mentioned.