Drawn from baseball, "to strike out" is to completely fail at something, including missing an opportunity for success. It is frequently used in business and politics.
In accordance with normal rules of grammar, "striking out" (present) and "struck out" (past) are used, and share the exact same meaning (aside from verb tense).
Example: "Pfizer struck out on getting FDA approval for X drug, so it has been taking it on the chin on the stock market."
This is not a real quote, but is an example. Here, striking out means failed to get Food and Drug Administration approval for an unnamed drug. Approval is necessary for legal sale of a drug within the United States.