This looks like a bug to me too. The addresses update in the link formulas
of other linked objects (chart titles, data labels, axis titles, as well as
textboxes and other shapes in the worksheet). I've filed it as a bug.

- Jon
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Jon Peltier, Microsoft Excel MVP
Tutorials and Custom Solutions
Peltier Technical Services, Inc. - http://PeltierTech.com
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"Bob Flanagan" wrote in message
. ..
Just found what looks like a bug with charts in Excel 2007.

In Excel 2003 I could add a text box to a chart and then assign a formula
to it, say =B30. The value in B30 would then appear in the text box. If
I insert say 5 rows and three columns above B30, the fomula would adjust
and become =E35.

When I do the same in Excel 2007, the formula for the box says as =B30

The workaround is to use range name, ie, =rangename. However, that adds
lots of extra steps. And users have to know to do and know that Excel 2007
behaves differently. No logic in the change, so it most likely is a bug.

Bob Flanagan