Excel 2007 up to date with patches. XP Pro OS (also current)

When I open an existing template via a link from our intranet. Excel opens
and looks blank. There is no page displayed. Excel sees the sheet though,
there are no scroll bars or anything.

My current work around is to open a new sheet, maximize it then alt tab
toggle to the NOW displayed sheet.

After I save this as a document it opens fine. This does not occur with my
bosses office XP. It is a recent development, I have not loaded anything new
on my system.