Before the market opened on Wednesday, Foot Locker (NYSE: FL) published results for its fiscal second quarter, which ended July 29. It would be an understatement to say that the report arrived with very little for investors to be excited about.

Between sales and earnings that missed the market's expectations, an announcement that the company is suspending its dividend, and another big round of guidance cuts, it was the kind of earnings update that shareholders have nightmares about. 

Unsurprisingly, Foot Locker is getting pummeled in Wednesday's trading, with its share price down roughly 28% at market close. The stock now trades at its lowest price in the last 12 years.

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Source Fool.com