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Go to Mac App Store. when you update your apps. you can just pause it but cannot choose to cancel it.
To get this done. hover you mouse on pause menu and hold the option key. The Pause button change to Cancel butto
Hold the Option Key
Your Done. Downside is all your progress download will not be resume when you choose to update again your application.
Why should i stop my update when it gets a better version and improvements. -well, not all updates are good, sometimes or rarely its buggy etc. i update my apps a day after its release.
also when you need to open an app. you cannot open it while its updating.