Otis Worldwide Corp (OTIS) News & EventsOTISOtis Worldwide Corp

Otis Worldwide Announces Judy Marks to Retire in 2027

Otis Worldwide announced that Judy Marks will retire as Chair, CEO and President upon the appointment of her successor, which is expected in the first half of 2027. The Otis Board of Directors has initiated a comprehensive search to identify the company's next CEO with the support of Spencer Stuart. The search will consider both internal and external candidates and is being overseen by a committee of independent directors. Marks will continue to serve in her current capacity through July 31, 2027 and, if her successor is appointed sooner, will serve as a senior advisor to the company through July 31, 2027 to facilitate a seamless transition.

Nasdaq Futures Decline as Investors Remain Cautious

Stock futures are lower as investors adopt a cautious stance ahead of a round of Big Tech earnings, with results from Alphabet and Tesla due after the closing bell. Nasdaq futures are leading the declines, pressured by renewed weakness in semiconductor stocks, while Dow and S&P 500 futures are also modestly lower as traders await fresh catalysts.Alphabet and Tesla's reports are expected to provide the first major test of whether companies' heavy investments in artificial intelligence continue to generate meaningful returns. Investors will closely scrutinize Alphabet's AI monetization strategy and cloud growth, while Tesla faces questions surrounding vehicle demand, margins and its autonomous driving initiatives.Energy markets remain in focus as Brent crude climbed above $94 a barrel, reaching its highest level in roughly six weeks as escalating tensions in the Middle East raise concerns over potential supply disruptions. Reports that two Saudi oil tankers altered their routes in response to Houthi threats in the Red Sea have added to fears that higher energy prices could reignite inflation pressures and complicate the Federal Reserve's policy outlook.In pre-market trading, S&P 500 futures fell 0.32%, Nasdaq futures fell 0.90% and Dow futures fell 0.12%.Check out this morning's top movers from around Wall Street, compiled by The Fly.HIGHER -Super Microup 12% after reporting that Q4 gross margins are estimated to be in the range of 15% to 17%, which is significantly higher than guidance of 8.2% to 8.4%, primarily due to a favorable customer and product mix.UP AFTER EARNINGS -RPMup 8%Equinorup 4%AT&Tup 3%Wabtecup 3%PulteGroupup 2%CME Groupup 2%Otis Worldwideup 1%Teledyneup 1%Travel + Leisureup 1%DOWN AFTER EARNINGS -Adtrandown 15%BankUniteddown 6%TE Connectivitydown 5%Cal-Maine Foodsdown 4%GE Vernovadown 3%Philip Morrisdown 1%

Company Lowers FY26 Free Cash Flow Outlook to $1.51B

Consensus $4.19. Backs FY26 revenue view $15.1B-$15.3B, consensus $15.12B. Lowers FY26 adjusted free cash flow view to $1.5B-$1.55B from $1.6B-$1.65B. Lowers FY26 adjusted operating profit view to $2.4B from $2.5B. Judy Marks continued, "As we look to the second half of the year and take a measured approach to our outlook, we remain confident in the durability of our Service-led growth model. We are continuing to invest in our strategic priorities including Service quality, pricing initiatives, and the application of digital technology with a focus on front-line operating excellence and strong execution across the globe. This Service-driven strategy reinforces our conviction in the long-term growth potential of the business and our ability to deliver sustainable value creation for shareholders over time."