Changing the value in the cell doesn't tell excel you want the hyperlink
changed. Hit Insert|hyperlink (or ctrl-k) to modify the link address, too.

Michael wrote:

When typing an email address in a cell a hyperlink was automatically set to
that email address. When updating or changing the address the hyperlink
stays linked to the old address and the edit hyperlink selection when right
clicking the address is unavailable although the open hyperlink is available.

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Dave Peterson