maybe...

http://support.microsoft.com/default.aspx?scid=243495
XL: Calculate Message Remains in Status Bar If 65,536 Formula References

Adam1 Chicago wrote:
>
> I have a 12MB Excel file (Excel 2003). The file has lots of tabs and lots of
> data but few calculations. However, even though I have the option set to
> "Automatic" the word "Caculate" appears in the status bar at the bottom of
> the screen. Hitting F9 does not cause anything to happen. Are my formulas
> calculating in real-time or not? Why is the "Calculate" notification there?

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Dave Peterson