The charts leading up to today were quite bearish, so this is really not a surprise. The big institutions had been cutting the stock since the last earnings report.
See that big reversal candle in March? Yup, that's what I mean.
The stock had been chopping lower since and fell into a sharp downtrend pattern. The cloud has been red for weeks, and it seems there is more downside on the way.
The shares are pretty oversold now, which means some sideways action is likely, but this is by no means a buy chance. If for some reason the buyers appear and take FL up past $48 or so, then perhaps there is an opportunity, but I wouldn't bank on it.
Moving Average Convergence Divergence (MACD) is on a sell and look at the money flow -- it continues to show distribution.