There have also been rumours that news of a share buyback programme could accompany tomorrow’s statement with analysts estimating that Dixons will enjoy a cash balance of nearly £400m by the end of April.Rexam dropped 4.5p to 412p amid concerns about the can maker’s exposure to present turbulence in international currency markets. The Dow Jones Industrial Average went slightly lower while the tech-laden Nasdaq Composite ticked higher. An upgrade of the European telecom sector by Credit Suisse First Boston was ignored by London listed stocks. Vodafone fell 2p to 146.5p, mmO2 dropped 1p to 80p and BT Group retreated 3.25p to 181.5p.Those with short positions in Dixons rushed to close them ahead of tomorrow’s interim results. The move seems to have been prompted by suggestions that Dixons will not disappoint investors with its all-important update on trading over Christmas, which sent the stock 4p higher to 145.75p. Its share trade at 17 times this year’s estimated earnings and any disappointment could send them sharply lower.The FTSE 100 fell 16.7 points to 4,449.7 after an indecisive start to trading on Wall Street. Although the group generates the majority of its revenues from betting, its casinos business is by no means insignificant.

At the last count it was responsible for about 20 per cent of turnover. Meanwhile, Stanley Leisure’s valuation leaves little room for error. Stanley Leisure dropped 9.75p to 392.25p as dealers reported talk that the gaming company’s casinos have registered nasty losses to a few high rollers.
The company’s most recent trading statement, at the end of November, saw it complain about difficult times for its casinos.Stanley Leisure said that while the unit’s win margin had started to improve, this had not been enough to recapture the losses to high rollers encountered in the first few months of its financial year.Big gamblers have caused Stanley Leisure pain on a number of occasions in the past. Investors were busy betting against Stanley Leisure yesterday amid concerns that the group’s casino division may let it down when the company posts interim results later this month. The Competition Commission’s conclusions on Safeway – that the UK consumer needs four big supermarkets to choose from – may have ruled out a bid from an industry rival, but plenty of others are likely to be interested.. “If Mr King wants to get more realistic, it would be quite an easy move to cut the payout,” one analyst said.If this happens it might not only be Sainsbury’s customers who lose faith in its brand values. Without the family’s support the company is vulnerable to a takeover bid.

I would be very surprised if he felt that he had changed his mind about our plans [while on gardening leave],” Sir Peter said.As well as unveiling a new pricing scheme, many analysts believe Mr King may rethink the group’s policy on payouts. Much to the delight of the founding family, which still controls 35 per cent of the stock, Sainsbury’s is renowned for its generous dividends; the problem of late is that it has been using debt to fund them. “He [Mr King] agrees with the broad shape of what we want to do. “I’m being a bit coy about our plans because we have still got five or six months to go …