You should first confirm that you have fully updated Office (12.2.3)...
There were reports of a similar nature some time ago, but AFAIK the problem
was resolved with SP2 (12.2.0) or perhaps earlier. I've not seen any such
postings here in some time, nor am I experiencing it on either of my Macs.
The default behavior in PPT (regardless of version) is to wrap lines based
on spaces between words, manual hyphenation or explicit punctuation. It
doesn't even separate dates that are entered using slashes (i.e., 2/2/10).
In playing around a bit, the only circumstances where I've been able to
force the behavior you describe is if the 'text area' is too narrow for the
text. That could be due to the actual width of the placeholder (or column
width if multiple columns are used in it), the indents or margins imposed,
etc., especially if combined with Justified or Distributed alignment. If the
updating mentioned above isn't the problem I'd thoroughly examine the
formatting & properties of the container as well as that of the text. A very
remote possibility is if the "text" is in a font where each character is
designed as graphic object, such as Symbols, Wingdings or Webdings.
What happens if you create a new slide with a content placeholder & type the
same content that wraps improperly in the faulty slide? Is it happening in
one particular placeholder? One particular slide? In one particular
presentation file? Or is it universal even in new presentations?
BTW: What Windows PPT 'option' are you referring to? Which version of PPT?
HTH |:>)
Bob Jones
[MVP] Office:Mac