http://support.microsoft.com/default.aspx?scid=243495
XL: Calculate Message Remains in Status Bar If 65,536 Formula References

will wrote:

Hi,

I have a large (3Mb) spreadsheet with lots of external links.

Calculation is switched to Automatic within Options, yet "Calculate" still
appears at the bottom of the screen. Is this because there are too many links
or its taking too long to update? The "Calculate" does not disappear after
time, which rather knocks that latter idea on the head!

Any ideas? Anything I should be worried about (eg circular reference)?

Thanks,

Will

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Dave Peterson