* Disney climbs after results
* Visa earnings on tap
* Indexes off: Dow 0.25 pct, S&P 0.21 pct, Nasdaq 0.14 pct
By Chuck Mikolajczak
NEW YORK, Feb 6 (Reuters) - U.S. stocks dipped on Wednesday
as investors, awaiting fresh trading incentives, locked in
profits after recent rallies took the S&P 500 to five-year
Transportation stocks were among the worst performers
weighed down by an 8.2 percent drop in CH Robinson Worldwide
, which dropped 8.2 percent to $61.53 after reporting
The Dow Jones Transportation index shed 0.6 percent
after closing at an all-time high on Tuesday. The index has
surged more than 10 percent this year so far.
A 6-percent advance this year so far has lifted the
benchmark S&P 500 index to its highest since December 2007,
while the Dow briefly climbed above 14,000 recently,
making it a challenge for investors to continue pushing the
equity market upward in the absence of strong catalysts.
"You knew a correction was coming; the question was whether
they were going to tease you and get it close and then start
selling it off or get (the Dow) up to 14,000 and then start to
make a move to the sell side," said Gordon Charlop, managing
director at Rosenblatt Securities in New York.
"We got a quick move and it's really just not healthy for
markets to go one way, so the idea that a little bit of a
correction is due isn't troublesome to me at all."
Walt Disney Co was among the bright spots, up 1.4
percent to $55.07 after the company topped estimates for
quarterly adjusted earnings and gave an optimistic outlook for
the next few quarters.
According to Thomson Reuters data through Wednesday morning,
of 301 companies in the S&P 500 that have reported
earnings, 68.1 percent have exceeded analysts' expectations,
above a 62 percent average since 1994 and 65 percent over the
past four quarters. In terms of revenue, 65.8 percent of
companies have topped forecasts.
Looking ahead, fourth-quarter earnings for S&P 500 companies
are now expected to grow 4.7 percent, according to the data,
above a 1.9 percent forecast at the start of the earnings
The Dow Jones industrial average lost 35.52 points,
or 0.25 percent, at 13,943.78. The Standard & Poor's 500 Index
slipped 3.17 points, or 0.21 percent, at 1,508.12. The
Nasdaq Composite Index shed 4.34 points, or 0.14
percent, at 3,167.24.
The benchmark S&P index rose 1.04 percent Tuesday, its
biggest percentage gain since a 2.5-percent advance on Jan. 2,
when legislators sidestepped a "fiscal cliff" of spending cuts
and tax hikes that could have hurt a fragile U.S. economic
Ralph Lauren Corp climbed 7.4 percent to $177.13 as
the best performer on the S&P 500 after reporting renewed
momentum in its holiday-quarter sales and profits.
Time Warner Inc jumped 4.3 percent to $52.11 after
reporting higher fourth-quarter profit that beat Wall Street
estimates, as growth in its cable networks offset declines in
its film, TV entertainment and publishing units.
Visa, the world's largest credit and debit card
network, is expected to report earnings per share of $1.79 for
its first quarter, up from $1.49 a year earlier. Smaller rival
MasterCard recently reported better-than-expected results
but said its revenue growth could slow in the first half of the
year due to economic uncertainty.