Happy earnings season.

It's been a rollercoaster ride on Thursday, July 26. With Facebook (FB) - Get Report dragging down the Nasdaq Composite I:IXIC , let's go over what's happened this Thursday.

Own These 3 Chip Stocks on AMD's Massive Earnings Beat

Real Money contributor Stephen Guilfoyle said, Advanced Micro Devices (AMD) - Get Report  reported a second quarter that topped EPS expectations by a penny while sporting revenue growth of an astounding 53% year on year. Oh, and CEO Lisa Su could rightly brag about margin expansion. The stock still stands 5.4% higher than it closed here at zero dark thirty this morning.

Does it matter that AMD and Qualcomm have both guided current-quarter revenue to levels that are either just in line or slightly below consensus view? Does it matter that both of these names are highly exposed to China?

Ford's Stock Run Over After Profit Warning

TheStreet's Tom Terrarosa reported that Ford (F) - Get Report said Wednesday after the closing bell it recorded 27 cents per share of adjusted earnings on $38.9 billion in revenue. Analysts surveyed by Factset Research Systems Inc. expected the company to post earnings of 31 cents per share on $39.14 billion in revenue.

Moreover, the company revised its full-year earnings guidance down to $1.30 to $1.50 per share from its previous target of $1.45 to $1.70 per share. 

Ford shares fell 6% in trading Thursday.

Ford said in May that it did not expect to revise its full-year guidance after a fire broke out at one of its main parts suppliers that forced a shut down of production of several of its vehicles, including its prized F-150 pickup truck, for more than a week.

Ford CEO Jim Hackett said Wednesday the company's "solid results in North America" were partially offset by "unexpected challenges with our overseas operations and headwinds in the business environment."

Ripple Effects of Facebook Slump Already Spreading

TheStreet's Tom Bemis reported that the ripple effects from Facebook's disappointing revenue results Wednesday are already being felt as the social media giant became the second of the big tech names to lay an egg this earnings season. The first one was Netflix (NFLX) - Get Report .

Amazon (AMZN) - Get Report had a mixed response to its earnings, likely as investors stayed focused on Facebook's debacle.

Watch TheStreet's Executive Editor Brian Sozzi discuss Amazon's results below

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