Why Capstone Copper, Weebit Nano, and Fortescue shares are turning heads on Friday

Weebit Nano Ltd (ASX: WBT), Capstone Copper Corp (ASX: CSC), and Fortescue Ltd (ASX: FMG) shares are creating a buzz on Friday.

Two of the ASX heavyweights are racing ahead of the 0.2% gains posted by the S&P/ASX 200 Index (ASX: XJO) in early afternoon trade today, while one is mired in the red.

Here's what's capturing investor interest.

Fortescue shares tumble on Iron Bridge impairment

Fortescue shares are taking a beating today, down 3.1% at $18.27 apiece.

This follows a mostly positive June quarter production update, released this morning.

On that positive front, the ASX 200 mining giant reported record total iron ore shipments of 201.3Mt for FY 2026, up 1% year on year.

Fortescue's cash balance increased to US$5.1 billion at year end, with net debt falling to US$800 million.

And the miner expects another strong year ahead, providing FY 2027 shipment guidance in the range of 197 million tonnes to 207 million tonnes.

But Fortescue shares look to be under pressure, with the company saying it expects to recognise a non-cash impairment charge of US$750 million before tax, approximately US$525 million after tax, on its Iron Bridge magnetite project.

The miner noted, "The carrying value assessment for Iron Bridge considers the revised ramp up schedule and a range of production scenarios, including the nameplate capacity of 22Mt."

Weebit Nano shares jump on revenue upgrade

Weebit Nano shares are also turning heads today following the release of company's own June quarter update.

And unlike the slump in Fortescue shares today, shares in the ASX 300 semiconductor memory technology company are up 6.8% at time of writing, trading for $4.38 each.

Investors are responding positively, with Weebit nano reporting $3.4 million of cash receipts of in Q4 FY 2026. The company also increased its full year FY 2026 revenue guidance up to at least $13.5 million.

Commenting on the results, Weebit Nano CEO Coby Hanoch said:

Weebit Nano has had another productive quarter as we expanded our licensing agreements with key customers, progressed the transfer of our IP to Texas Instruments and onsemi, secured an additional $15 million from existing shareholders, and had three customers successfully tape-out chip designs embedded with our ReRAM, one already demonstrating a functional prototype running software.

Which brings us to…

Capstone Copper shares surge on record earnings

Joining Weebit Nano and Fortescue shares in the headlines today is Capstone Copper.

Shares in the ASX 200 copper stock are up 8.1% at time of writing, trading for $13.81 each.

This outperformance follows the release of a strong quarterly update this morning.

Among the highlights stoking investor interest, Capstone Copper reported record quarterly revenue of US$739.7 million, up 36% year on year.

Earnings also broker records, with the ASX 200 copper miner reporting adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) of US$354 million, up 64% year on year.

The post Why Capstone Copper, Weebit Nano, and Fortescue shares are turning heads on Friday appeared first on The Motley Fool Australia.

Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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