Absolutely.

If you're flying CO-coded, CO-operated flights, your segments will count towards elite status provided they're booked in one of these fare classes:
J, C, Z, A, D, Y, H, R, K, N, B, V, U, O, F

If you're flying NW-coded, CO-operated flights, your segments will NOT count towards elite status if they're booked in one of these fare classes:
V, L, T, K

Please refer to the following page for more explicit details and further SkyTeam Coded, Continental-operated scenarios:
http://www.nwa.com/worldperks/earn/a...ml#continental