Expect Qualcomm ( QCOM) to open Thursday's analyst extravaganza with some eagerly awaited good news -- and, quite probably, a less-advertised setback.Responding to a recent announcement by a trio of tech rivals, Qualcomm will unveil its newest generation of chipsets, dubbed the series 7000. The new offerings will bolster the company's efforts to maintain its domination of the code division multiple access, or CDMA, wireless standard that is the dominant form of wireless technology in the U.S. While the new chipsets represent an advance for Qualcomm, the company could be banking on the technology buzz for another reason: To help distract investors from the latest serving of nasty news from its Qualcomm Strategic Initiatives investment arm. CFO Bill Keitel said Wednesday he was expecting to meet with CEO Irwin Jacobs to discuss whether some new undisclosed data points were "material" to the company's previous estimates for QSI. Qualcomm has made several investments in CDMA wireless phone companies -- both domestically, as in the failed Leap Wireless, and abroad, like Mexico's cash-strapped Pegaso. Increasingly, as the market has turned down and cash has grown scarce in the communications industry, the company has found itself on the losing end of those arrangements. Last month, for example, Qualcomm took a $160 million charge to write down the value of impaired assets in its exit from Vesper, a Brazilian phone company it had invested in. Of course, any action in the investment portfolio isn't likely to cause a crisis at Qualcomm. Earlier this week the company reaffirmed its financial guidance, and the QSI financials aren't included in Qualcomm's closely watched pro forma numbers anyway. But with Wall Street turning more bottom-line-oriented than ever, it's a good bet that any problems on the investing front could stick in investors' craw. On Wednesday, Qualcomm rose 42 cents to $31.38, leaving it roughly in the middle of its 52-week trading range.