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