EMERGING MARKETS-Latam stocks slip on U.S. data, profit-taking

* U.S. durable goods orders disappoint, weigh

* Earnings season cranks up in Brazil: Bradesco, Vivo

* Bovespa dips 0.25 pct , Mexico's IPC slips 0.18 pct

SAO PAULO, Brazil, July 28 (Reuters) - Latin American stocks slipped in early trading on Wednesday, after U.S. durable goods orders dropped and a slew of corporate news in Brazil weighed on telecommunications shares.

The MSCI Latin American stocks index .MILA00000PUS dipped 0.2 percent in early trading after a seven-session winning streak.

New orders for long-lasting U.S. manufactured goods unexpectedly fell for a second straight month in June, adding to evidence that the world's largest economy -- and a major influence on Latin America -- cooled in the second quarter. [ID:nN28189480]

Regional bourses had also racked up a series of gains recently, as well, opening space for investors to book some gains after the U.S. data, said Andre Perfeito, an economist with Gradual Investimentos in Sao Paulo.

"This has been a really good month," Perfeito said. "The trigger today was the durable goods orders."

Brazil's Bovespa index .BVSP added nearly 7 percent over its seven-session streak of gains -- making it ripe for profits, noted Luciano Rostagno, chief strategist for CM Capital Markets, in a note to clients.

"We believe this is a good level to take profits and wait for a new entry point," he added.

On Wednesday, Brazil's Bovespa index .BVSP slipped 0.25 percent to 66,510.97 in the morning, weighed by telecommunications shares.

Shares of phone company Oi (TNLP4.SA) sank 7.75 percent, and its operating unit Telemar Norte Leste (TMAR5.SA) dropped 4.38 percent.

Oi said on Wednesday that it had signed an agreement with Portugal Telecom (PTC.LS), including a purchase by PT of a stake in Telemar Norte Leste. The agreement also included sales of both common and preferred shares in both Oi and Telemar Norte Leste.

Helping offset those losses, wireless operator Vivo (VIVO4.SA) jumped 4.08 percent after Portugal Telecom's board approved the sale of its stake in the Brazilian company to Telefonica (TEF.MC) for 7.5 billion euros ($9.74 billion). Vivo also posted better-than-expected second-quarter net income as subscriber additions jumped and the company kept expenses in check. [ID:nLDE66R03X] and [ID:nN28154293]

Grupo Pao de Acucar (PCAR5.SA), Brazil's largest retail group, sank 4.39 percent. The company's second-quarter net income plummeted after financial expenses almost tripled and costs rose faster than revenue. [ID:nN28100593]

Banco Bradesco (BBDC4.SA), Brazil's second-largest private-sector bank, gained 1.33 percent. The bank posted higher-than-expected quarterly profits as a booming domestic economy fueled demand for credit and reduced loan delinquencies. [ID:nN28110865]

MEXICO, CHILE SLIP

Mexico's IPC stock index .MXX slipped 0.18 percent in mid-morning trade, as mining and infrastructure company Grupo Mexico (GMEXICOB.MX) slipped 0.65 percent.

Shares of Cemex (CMXCPO.MX), the world's No. 3 cement maker, fell 0.89 percent. The company cut its 2010 growth estimates on Tuesday. [ID:nN27257794]

But Walmex WALMXV.MX, the country's leading retailer, put on 0.56 percent.

Chile's blue chip IPSA index .IPSA slipped 0.57 percent, after having recently notched a series of new life highs.

Regional energy group Enersis ENE.SN fell 1.96 percent. The company said on Tuesday its net profit fell 45.1 percent to 198.17 billion pesos or $365 million in the January-to-June period versus the same period last year. [ID:nN27111308]

(Reporting by Luciana Lopez, Editing by W Simon )