NEW YORK — Shares of Gen Digital Inc. climbed nearly 7% on Wednesday, extending a recovery for the maker of Norton antivirus software after a steep selloff triggered by reports that it had approached web-services company GoDaddy about a takeover.

Gen Digital stock rose $1.40, or 6.69%, to $22.24 as of 11:46 a.m. Eastern time on the Nasdaq, making it one of the stronger performers among large-cap technology stocks in morning trading.

The company did not release new information Wednesday, and no single catalyst was confirmed for the move. The gain follows a letter from Chief Executive Vincent Pilette earlier this week that sought to reassure investors about the company's acquisition discipline and said its business was tracking toward the high end of its financial forecasts.

Takeover report sparked a sell-off

Gen Digital shares tumbled last week after the Financial Times reported on Sept. 24 that the company had made a preliminary takeover approach to GoDaddy. The talks were described as early stage, with no guarantee of a deal, and financial terms were not disclosed.

GoDaddy shares surged as much as 11% on the report, while Gen Digital fell about 12% to $23.07, the biggest decline among large-cap stocks that day.

The reaction reflected investor concerns about the size and financing of a potential deal. Before the report, GoDaddy was valued at about $12.2 billion, compared with roughly $15.7 billion for Gen Digital, meaning any transaction would be large relative to the buyer.

Gen Digital........

© International Business Times