Tom McCallum, VP of investor relations at Red Hat, is diving into some rather interesting waters. Red Hat's stock has dipped a bit following the company's June 25 earnings announcement. Now for the twist: McCallum on July 7 wrote a blog that attempts to clarify Red Hat's financial momentum.

McCallum's blog entry is a good read for anyone who wants to get up to speed on Red Hat's business. But... The VAR Guy wonders... is McCallum trying to tactfully rally investors around Red Hat?

The VAR Guy needs to be extra clear here: He's not accusing McCallum of any wrongdoing. McCallum's blog entry goes to great lengths to mention how specific members of the financial analyst community reacted to Red Hat's June 25 earnings announcement. Overall, it's a balanced, fact-filled blog entry that doesn't hype Red Hat. In fact, it includes some negative comments from analysts.

But this portion of McCallum's blog entry really caught The VAR Guy's eye:
"A number of investors and analysts said that they would have liked to see higher billings growth in the quarter, but they noted that the additional color on the solid bookings that was discussed on the [earnings] call was very helpful. Overall, Red Hat’s earnings were solid, especially considering the current challenges of the economy."
Ahem. Is McCallum saying Red Hat deserves more credit (i.e., a higher share price?) for its most recent quarterly results, based on solid bookings?

That's pure speculation on The VAR Guy's part. But consider this: Red Hat shares rose steadily from $16.58 on March 17 to $24.36 on May 30, according to Yahoo finance. Since that time, Red Hat shares have fallen considerably to $20.53 on July 7, and a good portion of the decline occurred after the June 25 earnings release.

Still, McCallum certainly sounds upbeat about Red Hat's long-term prospects. And he should, considering Red Hat's position on the server, and the continued growth of Linux-driven solutions.

The key point here: According to Red Hat's blog archives, McCallum has posted three blogs so far this year to the Red Hat site. Is McCallum diving into dangerous waters by blogging about Red Hat's financial results -- even if the blog entries have the best of intentions?

Full disclosure: The VAR Guy doesn't own any Red Hat shares as of this writing. But he has considered buying a few shares in recent days.