Here are five things you must know for Thursday, July 26:   

1. -- Stocks Mixed on U.S.-EU Trade Truce

U.S. stock futures traded mixed on Thursday, July 26, and global stocks were little changed as investors reacted with caution to a broadly worded agreement between the European Union and the United States to move toward the elimination of tariff barriers.

Donald Trump called talks in Washington with European Commission President Jean-Claude Juncker a "breakthrough ... that nobody thought possible" after the pair agreed to work toward a zero-tariff trade relationship and reform the World Trade Organization.

Contracts tied to the Dow Jones Industrial Average  rose 30 points and futures for the S&P 500  fell 5.25 points. Nasdaq futures fell 63 points as Facebook Inc. (FB) plunged in premarket trading after issuing disappointing guidance.

Comcast Corp. (CMCSA) posted stronger-than-expected second-quarter earnings Thursday even as America's biggest cable company lost tens of thousands of subscribers to its video service amid the ongoing "cord cutting" that continues to fragment the media industry. Shares rose 3.2% in premarket trading.

Southwest Airlines Co. (LUV)  early Thursday posted second-quarter adjusted profit of $1.26 a share, 3 cents better than analysts' estimates. Shares fell 1% in premarket trading.

Allergan PLC's (AGN) second-quarter profit and revenue topped analysts' expectations. The company also announced a $2 billion stock buyback program. The stock rose 0.5%.

Under Armour Inc. (UAA)  posted a second-quarter adjusted loss of 8 cents a share, matching estimates.

Raytheon Co. (RTN)  earned $2.78 a share in the second quarter, topping forecasts of $2.34. Sales in the quarter of $6.6 billion edged out estimates.

Earnings are also expected Thursday from Amazon.com Inc. (AMZN) , Intel Corp. (INTC) , McDonald's Corp. (MCD) , Starbucks Corp. (SBUX) , American Airlines Group Inc. (AAL) , Amgen Inc. (AMGN)  and Comcast Corp. (CMCSA)  .

The economic calendar in the U.S. on Thursday includes Durable Goods Orders for June at 8:30 a.m. ET, weekly Jobless Claims at 8:30 a.m., and International Trade in Goods for June at 8:30 a.m.

Amazon, Comcast and Raytheon are holdings in Jim Cramer's Action Alerts PLUS member club. Want to be alerted before Jim Cramer buys or sells the stocks? Learn more now.

If you'd like to receive the free "5 Things You Must Know" newsletter, please register here.

2. -- Facebook Is Dinged by Growth Forecast

Facebook Inc. ( FB)  tanked 19% in premarket trading on Thursday after the social media giant reported revenue that missed analysts' expectations for the first time since 2015, and pointed to slower growth.

Facebook earned $1.74 a share in the second quarter on revenue of $13.04 billion. Analysts were expecting Facebook to report profit of $1.72 on revenue of $13.36 billion.

The company reported that its daily active user base increased 11% to 1.47 billion, while its monthly active user base also increased 11% to 2.23 billion.

Mobile advertising revenue accounted for 91% of the company's advertising revenue, up from 87% a year earlier. Operating margin, however, fell 3% year over year to 44%.

Facebook Chief Financial Officer Dave Wehner said he expects the company's annual revenue growth to decelerate at a high-single digit clip sequentially in both the third and fourth quarters. He also said efforts to grow and promote "certain engaging experiences like Stories that currently have lower levels of monetization" would have an impact.

Wehner also indicated that operating margins would trend toward the mid-30s on a percentage basis over the next few years. 

Facebook is a holding in Jim Cramer's Action Alerts PLUS member club. Want to be alerted before Jim Cramer buys or sells FB? Learn more now.

"Overall, there is no sugar coating this. Not a good quarter, and the margin guidance was even worse," said Cramer and the AAP team.

3. -- AMD Tops Profit Estimates

Advanced Micro Devices Inc. ( AMD)  swung to a profit in the second quarter, lifting shares 5.9% in premarket trading.

AMD reported adjusted earnings of 14 cents a share on revenue of $1.76 billion, a 53% increase from a year earlier. Analysts were expecting earnings of 13 cents on revenue of $1.72 billion.

For the third quarter, AMD said it expects revenue of about $1.7 billion, plus or minus $50 million, an increase of a 7% from last year, and non-GAAP gross margin to increase to about 38%. Analysts were calling for revenue of $1.764 billion in the third quarter.

AM said third-quarter sales growth would be driven by its Ryzen and EPYC products.

4. -- Qualcomm Nixes Deal to Buy NXP

Qualcomm Inc. (QCOM) topped fiscal third-quarter earnings expectations, but the bigger news was that the chipmaker said it would walk away from its purchase of NXP Semiconductors NV (NXPI) .

The San Diego company's $45 billion purchase of NXP had been in doubt. The merger didn't get approval from China's Ministry of Commerce, as traded disputes flared between Washington and Beijing.

Qualcomm shares rose 5.2%.

5 -- PayPal's Revenue Estimate Falls Short

PayPal Holdings Inc.  (PYPL) beat earnings and revenue estimates in its second quarter, but it was the third quarter that seemed to concern investors.

PayPal fell 3.3% in premarket trading after the payments giant's revenue outlook for the third quarter fell slightly short of analysts' expectations. On its earnings call, PayPal forecast revenue of between $3.62 billion and $3.67 billion for the third quarter, compared to a consensus estimate of $3.71 billion.

PayPal reported second-quarter adjusted earnings of 58 cents a share, beating consensus expectations by 2 cents. Revenue of $3.86 billion topped expectations of $3.71 billion.

PayPal is a holding in Jim Cramer's Action Alerts PLUS member club. Want to be alerted before Jim Cramer buys or sells PYPL? Learn more now.

"All in, we believe the quarter to be largely in line with expectations and reaffirm that the post-earnings selloff is simply hot money - that was only in the name because of news that Dan Loeb had taken a stake - coming out of the stock," wrote Cramer and the AAP team.

Free White Paper: 7 Things All Investors Must Know in 2018. Start the second half off right with our free white paper on seven key things to watch this year. From how much cash to have on hand to the three reasons this bull market might die, our white paper features key takeaways from an all-star panel that TheStreet and Fisher Investments recently hosted in New York. Click here to register for your free online copy.