U.S. stocks fell, after the Standard & Poor’s 500 Index jumped the most in a month, as investors awaited a European Central Bank policy meeting tomorrow, offsetting corporate earnings that beat analysts’ estimates. GameStop Corp. plunged 8.3 percent after a report said Microsoft Corp.’s next Xbox console will require an Internet connection. Wynn Resorts Ltd. dropped 2.5 percent amid a report China will take action to clamp down on junket operators that bring gamblers to Macau. Walt Disney Co. climbed 1.3 percent after sales topped estimates and its interactive unit posted its first profit since 2009. Hewlett-Packard Co. added 0.7 percent after a report the company may be studying a breakup. The S&P 500 lost 0.2 percent to 1,509.08 at 10:15 a.m. in New York. The Dow Jones Industrial Average erased 27.51 points, or 0.2 percent, to 13,951.79. Trading in S&P 500 companies was in line with the 30-day average at this time of day. “It’s a yo-yo market,� Tom Wirth, who helps manage $1.6 billion as senior investment officer for Chemung Canal Trust Co., in Elmira, New York, said in a telephone interview. “We look forward and get a little nervous about events where we don’t know what the outcome will be. We’ve had a nice run. We’re going to have some digestion that takes place here before it turns again.� ECB President Mario Draghi will head a meeting of policy makers tomorrow in Frankfurt as euro-area leaders gather for a summit in Brussels. The S&P 500 has rallied 5.8 percent in 2013 as U.S. lawmakers reached a budget compromise and companies reported better-than-estimated earnings. Earnings Season Visa Inc., News Corp. and Prudential Financial Inc. are among 24 companies in the S&P 500 scheduled to report earnings today. About 74 percent of the 303 index members that have released results so far in the earnings season exceeded profit projections, and 66 percent beat sales estimates, data compiled by Bloomberg show. GameStop tumbled $2.23 for the second-biggest decline in the S&P 500 to $24.58. The world’s largest video-game retailer has surged 16 percent this week through yesterday. Microsoft’s next Xbox console with require an Internet connection in order to operate, Edge-Online reported, citing people familiar with the matter. That would rule out the second-hand game market. Wynn Resorts, which depends on its Macau unit for most of its revenue, dropped $3.17 to $122.58. China’s government will start taking action this month to clamp down on junket operators that bring gamblers from the mainland to Macau, the London-based Times reported on its website, citing unidentified people in law enforcement. Disney Gains Disney, the world’s largest entertainment company, advanced 73 cents to $55.02. The owner of the “Star Wars� and “Avengers� franchises said first-quarter profit adjusted for some items was 79 cents a share, topping the 77-cent average of 26 analysts’ estimates compiled by Bloomberg. Sales rose 5.2 percent to $11.3 billion. Hewlett-Packard added 12 cents to $16.73. The world’s largest personal-computer maker is considering a break-up of the company among other options, website Quartz reported, citing people familiar with the matter. HP declined to comment, according to Quartz. Hewlett-Packard’s board isn’t actively studying a break-up plan, AllThingsD said, citing an unidentified source familiar with the matter. Ralph Lauren Corp. surged 6.5 percent, the most in the S&P 500, to $175.69. The retailer of its namesake brand clothing reported fiscal third-quarter profit that topped analysts’ estimates, helped by lower-than-expected expenses and cheaper cotton. Zynga Inc. added 3.5 percent to $2.84. Sales were $311.2 million in the fourth quarter, unchanged from a year earlier, the company said late yesterday. Analysts on average had predicted revenue would decline to $250.2 million, according to data compiled by Bloomberg. Excluding certain items, Zynga posted a profit of 1 cent a share, compared with projections for a 3-cent loss. To contact the reporters on this story: Inyoung Hwang in New York at ihwang7@bloomberg.net; Leslie Picker in New York at lpicker2@bloomberg.net To contact the editor responsible for this story: Lynn Thomasson at lthomasson@bloomberg.net

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