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

• Activision Blizzard Inc. (NASDAQ: ATVI) said its Q3 profit declined despite the popularity of Guitar Hero.
• Blackboard Inc. (NASDAQ: BBBB) said Q3 revenue surged and its offered impressive cash flow numbers.
• Boston Beer Co. Inc. (NYSE: SAM) easily beat Q3 earnings estimates and raised its full-year guidance.
• Cisco Systems Inc. (NASDAQ: CSCO) lower Q1 results topped estimates and sent shares higher.
• Cognizant Technology Solutions Inc. (NASDAQ: CTSH) was upgraded following its strong Q3 results.
• Corporate Executive Board (NASDAQ: EXBD) received an analyst's upgrade following the Q3 results.

I've said on many occasions that I prefer MasterCard (NYSE: MA) to Visa (NYSE: V). No, I don't mean the card products themselves. I mean the stocks. I believe Visa has better brand equity associated with it, and I think it possesses a little more depth and fundamental prowess. However, both of these companies operate on the same basic economic model: collect fees on transactions, and don't take on loan risk. So, both MasterCard and Visa do offer compelling long-term investment theses.

And, even though there were some negative outlooks on MasterCard's latest earnings report, which was released Tuesday, I have to say that I didn't find the situation too disturbing. Revenues increased only 2%. The top line was inhibited by currency effects, but it's not like we haven't heard that story before. More importantly, MasterCard posted adjusted income of $3.48 per share, representative of a 40% increase over the adjusted income recorded a year ago.

It's official: the holiday season is here, marking the beginning of the race to the end of the year. It's also time for another FOMC interest rate decision, as well as for another look at the employment situation, perhaps the most dreaded measure of the economic recovery in the U.S. This week will bring the Challenger job cut announcements for October on Wednesday, initial jobless claims for last week and the Monster Employment Index for October on Thursday, and the employment numbers for October on Friday.

The earnings season rolls on this week as well, and analysts surveyed by Thomson Reuters are expecting good showings from the reports of Boston Beer Company Inc. (NYSE: SAM), DirecTV Group Inc. (NASDAQ: DTV), Sara Lee Corp. (NYSE: SLE), Starbucks Corp. (NASDAQ: SBUX), and Whole Foods Market Inc. (NASDAQ: WFMI).

Visa (NYSE: V) is one of my favorite businesses on Wall Street. It should be an excellent long-term investment. People will always use branded credit cards, and Visa doesn't take a lot of risk. It simply collects a little of the spoils on each transaction. What a model!

According to TheStreet.com, Visa increased top-line sales by 10% in the fourth quarter, and expanded per-share profit by 28% to 74 cents, excluding certain items. Forecasts were for 72 cents per share.

MasterCard Advisors (NYSE: MA) service SpendingPulse says luxury and electronics sales headed upward last month, in a pleasant deviation from what became the norm all too long ago. A few other product categories posted gains as well – showing stability, if not a recovery. But, at this stage of the game, we'll take what we can get, right?

Luxury sales, not including jewelry, gained 3.4% year-over-year – that's an increase of $891 million. Last September, luxury goods suffered a 9.4% decline. Yet, this category is still below its September 2005 level of $94 million. Jewelry sales gained 1.2% relative to last year, compared to a year-over-year decline of 5.8% a year ago. Compared to apparel sales, this is a profound turn. In September 2008, the clothing category was off 5.7%, and this September, it was down only 2.9%.

I'd venture a guess that you have at least one, if not multiple, MasterCard (NYSE: MA) credit cards in your wallet right now.

In addition to its credit card division, the company provides transaction processing services to its customers that support its credit, deposit access, electronic cash, and automated teller machine payment card programs. The goal of the company is an ambitious one: to put the use of cash out of business.

The stock has certainly been on a tear since its 2006 debut, rising to over $300 per share near the midway point of 2008. Yes, the recession and accompanying customer spending pullback took its toll on MasterCard in late-2008 and early 2009, but despite the tough economic environment, MA shares are up over 50% year to date.

As many shoppers have realized in this recession, just because something is cheap doesn't mean it's a bargain.

This is especially true in the stock market, where you definitely get what you pay for.

There have been plenty of low-priced deals on stocks lately, as plenty of good companies watched their shares take a beating in our economic crisis. But that doesn't mean all cheap stocks are worth buying. Unless that bargain goes up in value, it's not a bargain.

Discover Financial Services (NYSE: DFS), a credit card company that competes with Visa (NYSE: V), MasterCard (NYSE: MA), and American Express (NYSE: AXP), released earnings for the third quarter on Thursday. The company put analysts to shame by posting a profit instead of a loss according to an article from Reuters.

The projection was for a loss of 12 cents per share. Discover actually made 52 cents per share of profit, once you exclude monies received from an antitrust settlement. Wow, that's what you call being way off the mark! The disparity surprised me, so I went to our very own earnings preview to see what we were reporting for an estimate. Sure enough, it stated the exact same expectation for a loss of 12 cents.

"In this recession, consumers are spending less per purchase on their credit cards -- but that hasn't slowed down the credit card company MasterCard (NYSE: MA)," says Paul Tracy.

In his The StreetAuthority Market Advisor, he points out, "In the second quarter, MasterCard's net income grew by +26%, beating Wall Street's expectations by a significant margin." Here's his review.

"MasterCard makes its money from the fees it charges merchants and the banks that issue its cards. The issuing banks make money by charging consumers interest.

"And as we've seen, the banks can lose money when consumers default on their credit card debt. But MasterCard's fee-based business model has been relatively resilient during the downturn.

The earnings crunch rolls on this coming week, with quarterly reports expected from Coach Inc. (NYSE: COH), Exxon Mobil (NYSE: XOM), Kellogg (NYSE: K), MasterCard (NYSE: MA), Motorola (NYSE: MOT), Sprint Nextel (NYSE: S), Travelers (NYSE: TRV), Time Warner (NYSE: TWX), U.S. Steel (NYSE: X), Viacom (NYSE: VIA), Walt Disney (NYSE: DIS), and many others.

Below are some reporting companies for which analysts surveyed by Thomson Reuters have high hopes. What does that mean? Well, all of them are expected to report double-digit earnings grown in the most recent quarter. They have tended to offer positive surprises in recent quarters. They have long-term EPS growth forecasts of greater than 10%, and they have earnings multiples that are higher than their industry or sector averages, or higher than at least one top competitor. And they all have First Call consensus recommendations to buy.

American Express Company (NYSE: AXP), a company that competes with Visa Inc. (NYSE: V), MasterCard Incorporated (NYSE: MA), and Discover Financial Services (NYSE: DFS), issued Q2 results earlier in the week. Earnings from continuing operations dropped very steeply to 9 cents per share. How steeply? Well, the per-share profit lost 84% of its value this time around. However, it might make you feel a little better to know that 18 cents can be added back, since that was the net worth of repurchase activity relating to preferred shares from the U.S. Treasury department. Therefore, American Express took in 27 cents per share from continuing activities. According to this Reuters piece, that number met expectations.

The Reuters article also points out that revenues fell by 18% and that net charge-offs increased. Not a great picture. Reading through the press release, an investor might come away with a feeling of dread. Management mentions the not-so-strong spending by its cardmembers and the fact that loan losses are at historic levels.