Here are some highlights from this past week's earnings coverage from BloggingStocks:

• Aetna Inc. (NYSE: AET) posted a large-than-expected earnings decline due to bad investments.
• AmeriCredit Corp.(NYSE: ACF) was downgraded despite topping Q1 expectations.
• BP (NYSE: BP) Q3 earnings and revenue soared due to surging energy prices.
• CBS Corp. (NYSE: CBS) Q3 results included some big charges and no free cash.
• Clorox Co. (NYSE: CLX) posted strong Q1 results that easily topped Wall Street expectations.
• Colgate-Palmolive Co. (NYSE: CL) posted better-than-expected Q3 profits lifted by price increases.
• DivX Inc. (NASDAQ: DIVX) topped earnings expectations and offered revised guidance.
• Electronic Arts Inc. (NASDAQ: ERTS) narrowed its net loss in Q2 and matched expectations.
• First Solar Inc. (NASDAQ: FSLR) Q3 revenue more than doubled, results easily topping estimates.
• Hartford Financial Services Group Inc. (NYSE: HIG) posted its first quarterly loss in five years.
• Humana Inc. (NYSE: HUM) topped Q3 earnings estimates and offered full-year guidance.
• Kraft Foods Inc. (NYSE: KFT) solid Q3 results were helped by higher prices and offered neutral guidance.
• McAfee Inc. (NYSE: MFE) reported that it topped earnings estimates, sending shares higher.
• Nintendo Co. (OTC: NTDOY) posted solid results driven by popularity of the Wii and DS systems.
• Procter & Gamble Co. (NYSE: PG) topped Q1 expectations but lowered its full-year forecast.
• Sony Corp. (NYSE: SNE) Q3 earnings tumbled on the recession and exchange rate issues.
• Symantec Corp. (NASDAQ: SYMC) earnings were affected a loss of market share and currency issues.
• U.S. Steel Corp. (NYSE: X) reported the most profitable quarter in its history and beat estimates.
• Verizon Communications Inc. (NYSE: VZ) Q3 earnings matched expectations but shares rose.

Analyst upgrades:

• Calyon upgraded major network carriers based on falling oil prices and capacity cuts. The analyst is positive over the next 12 months but cautious short-term given the uncertain economy, and volatile markets and oil prices. AMR Corp (NYSE: AMR) and Delta Air (NYSE: DAL) were upgraded to Add from Neutral and UAL Corp (NASDAQ: UAUA) was raised to Neutral from Reduce.
• Ryanair (NASDAQ: RYAAY) was upgraded at Citigroup to Buy from Hold.
• Boardwalk Pipeline (NYSE: BWP) was raised to Buy from Hold at Deutsche Bank.
• Cowen lifted Biogen Idec (NASDAQ: BIIB) to Outperform from Neutral.
• JP Morgan upgraded Choice Hotels (NYSE: CHH) to Neutral from Underweight following the better-than-expected Q3 report.
• Oppenheimer upgraded shares of Integra LifeSciences (NASDAQ: IART) to Outperform from Perform on valuation, the company's minimal exposure to economic conditions, and expectations for margin improvement and a rebound in organic growth.

Analyst downgrades:

• Sherwin-Williams (NYSE: SHW) and AerCap Holdings (NYSE: AER) were downgraded to Neutral from Overweight at JP Morgan.
• UBS downgraded Embarq (NYSE: EQ) to Neutral from Buy following the CenturyTel (NYSE: CTL) merger announcement.

Leucadia National (NYSE: LUK) is a holding company that has been compared favorably to a young Berkshire Hathaway (NYSE: BRK.A), and BloggingStocks' Aaron Katsman has suggested that company as a good alternative to Berkshire for investors.

Apparently Leucadia has also taken Buffett mentor Benjamin Graham's mantra to heart: "Be fearful when others are greedy and greedy when other are fearful."

Leucadia has boosted its stake in AmeriCredit (NYSE: ACF) all the way up to 22.4%. It's hard to think of a more contrarian investment in light of the consumer credit crunch: AmeriCredit buys auto loans from dealerships and makes its own loans through its dealership network -- 80% of the loans are for used cars.

Fears of a continuing rise in defaults have sent shares of the company down big over the past year. The stock is currently trading at a low P/E and a discount to book value. The big question is whether all the bad news is priced -- it's possible that the company will have to take additional losses on bad loans, just as many subprime housing lenders have.

To see what else Leucadia has in its portfolio, check out this page from StockPickr.

MOST NOTEWORTHY: AmeriCredit (ACF), LTX Corp (LTX) and Foot Locker (FL) were today's noteworthy downgrades:

• Goldman cut AmeriCredit (NYSE: ACF) shares to Sell from Neutral to reflect the challenging rate and credit environment.

• Friedman Billings has concerns about LTX Corp's (NYSE: LTX) largest customer, Texas Instruments (TXN), losing market share in the handset baseband market, which has already impacted Texas' equipment test orders from LTX. Friedman Billings cut LTX Corp to Market Perform from Outperform.

• Foot Locker (NYSE: FL) was downgraded to Neutral from Overweight at JP Morgan, citing the disappointing Q2 results...

OTHER DOWNGRADES:

• Genesco (NYSE: GCO) was cut to Neutral from Positive at Susquehanna.

• Soleil downgraded Sonic Solutions (NASDAQ: SNIC) to Hold from Buy.

• Raymond James downgraded New York & Co (NYSE: NWY) to Underperform from Sell.

Analyst summaries provided by TheFlyOnTheWall.com (subscription required).

If the American economy tanks, look for car loans to follow the same pattern as house loans, right into the dumpster. However, Sekurus Inc. may have a tool to help subprime car lenders such as AmeriCredit Corp. (NYSE:ACF) fight defaults, help the repo man reclaim the assets, and protect against car theft.

Sekurus' ON TIME system patches a legal wireless-controlled device into the car's electrical system. The consumer is given a wireless control that he must push before he can start the car, which sends a signal to Sekurus. The company verifies that financing is up to date before authorizing the car to start. The customer begins receiving a countdown three days before the vehicle is disabled.

The system also serves as a theft deterrent, since car thieves won't be able to start the car without the wireless remote.

The product is especially useful for sub-prime car loans, a $75 billion market. The company claims that, because lenders can depend on this system to increase pay rates and reclaim vehicles, it will result in more borderline drivers receiving financing that otherwise would not. ON TIME also can be used by new dealers who have problems with cars being stolen off their lots.