Don't have xl2007, but this should work ..

Assume data starts in A2 down in both Sheet1/2
First, set the calc mode to manual as it's very calc-intensive

In Sheet1,
Put in B2:
=IF(SUMPRODUCT(ISNUMBER(SEARCH(Sheet2!$A$2:$A$5000 0,A2))*(Sheet2!$A$2:$A$50000<""))0,1,0)
Copy down all the way. Press F9 to recalc. Adapt the range to suit.

Suggest you freeze/kill col B thereafter with an "in-place" copy n paste
special as values.
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"Paul" wrote:
excel2007
I have a list of 100k text cells in sheet1, column A:
charles schwab layoffs
mcmaster carr
aig bonuses
slalom consulting
company reviews
cbeyond reviews
...

In sheet2, column A, I have a list of 50k company names:
coca cola
home depot
charles schwab
aig
...

I would like to put a "1" in sheet1, column b for every cell in column A
that contains a company name that can be found in sheet2, column A. If the
cell doesn't contain a company name, I would like to put a "0". For example,
"charles schwab layoffs" would get a "1" because it contains "charles schwab"
but "company reviews" would get a "0" because it doesn't contain a company
name.

I would just use the find function if I was only dealing with a few
companies but I am hoping that there is a formula that would be able to deal
with a large list of cells.