NEW YORK (Fortune) -- So the market just tanked yesterday in the afternoon when news of the Manhattan plane crash hit Wall Street. The Dow tanked at 2:42 p.m., then when we found out it wasn't terrorism the market came back. Whole thing was like 9/11 meets Thurman Munson. So sad ...

QWEST: A stock called Qwest, (wonder if Q-Tip ever owned any?). This company has been in the dog house for, well, a very long time. Now we learn that the company's largest shareholder, reclusive billionaire Philip Anschutz, is selling 80 million shares or about a quarter of his Q holdings. Uh-oh, right? Not necessarily. This is really just turning the shares (Charts) over to investment bank CSFB (Charts) in a complex financing deal. Still, questions remain: Does Phil baby need cash? Hard to imagine. And just how confident is he in Qwest? He resigned as a director last year. This stock has been in turnaround mode for ever. At some point, maybe, this gets bought.

GOOGLE: So how do you feel? I mean really FEEL about this stock? It's very hard to measure how expensive it is, although not as hard as it used to be Yes it does have a P/E of 63 (trailing), and a forward P/E of 32 ... that shows how fast earnings are growing. Actually still growing at a 110 percent quarterly clip.Wow! It has $10 billion of cash ... well soon to be $1.6 billion less, with the purchase of YouTube. Free cash flow of of $3 billion! Holy Toledo, that's a lot. GOOG (Charts) also has a market cap of $130 billion! That's almost as big as the value of GM, Ford, Boeing, and Caterpillar COMBINED. So, I think GOOG is hot, but I wonder, how much is left? Leave this one on the burner.

PEPSICO: They got it going on, don't they? Reported earnings today, and whoooo-doogie, they was good! Third quarter profits up 71 percent. Wow! That's a lot of drinks and salty snacks! They have a new CEO up there, Indra Nooyi, who took over October 1st. She said international biz is good. PEP (Charts) has KOed KO (Coke (Charts)) Over the past five years Pepsi is up 30 percent, Coke is down about 5 percent.

LOOSE CHANGE: Have you seen this billboard for Hooters? "Kids Eat for Free on Tuesdays." I mean WHAT ARE THEY THINKING? ... Who should I see next James Taylor or Government Mule? You tell me, I'll abide by your decision! _____________________________

E-mail Andy Serwer at serwer@fortunemail.com and see him on CNN's "In the Money" and "American Morning."

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