Conagra eyes Pinnacle, Microsoft moves ahead in investments, CBS reportedly to look for buyer

Here’s a look at some of the companies the Yahoo Finance team will be watching for you today.

Conagra just announced it plans to offer up to $575M worth of stock. The proceeds would be used to fund its deal to buy Pinnacle Foods, the company behind birds eye and other products. Pinnacle warned today it’s expecting sales to slip going forward, thanks to growing competition.

Microsoft is steaming ahead with two big investments. It’s putting an undisclosed amount into ride-hailing company Grab, which in turn will put Microsoft products into its operations. Reuters also says that EU officials will sign off on Microsoft’s $7.5B purchase of GitHub. An official announcement on that deal is expected later this month.

Could CBS be looking for a buyout? The stock is moving today amid a report that the company will test the market, as soon as the sexual misconduct investigation into former CEO Les Moonves wraps up. Moonves had been battling lead shareholder Shari Redstone to hold off a potential merger with Viacom.

Papa John’s is back in the spotlight amid reports that activist hedge fund Trian is considering a takeover bid. Trian already owns a 13% stake in Wendy’s. Papa John’s stock jumped more than 16% on the report in the Wall Street Journal. Ousted chairman John Schnatter has also been pursuing ways to re-take control of the pizza chain. He resigned over the summer, after using a racial slur on a conference call.

Netflix is making a big bet on New Mexico. The streaming service is buying ABQ studios, in Albuquerque, for its new production hub. That’s where parts of “The Avengers” was filmed. Netflix says the move will bring a billion dollars in production to the state and create a thousand jobs. In turn, Netflix will get upwards of $15M in government incentives.