John - thanks for the information. I got it to work, but I don't understand why?

If I copy the excel chart and link it using your method (as a chart object) it works.

If I copy the excel chart and link it using the Keep Source Formatting & Link Data (F) method it comes in as a macro enabled worksheet and the links don't update.

Is this a bug in powerpoint?

Thanks for helping me get it to work!