In IE7, highlighting text, then changing the style, un-selects some of the text.
Duplication Steps:
1. Go to http://cutesoft.net/example/oncarriagereturn.aspx and use <p> as the line break
2. Type any word
3. Press <enter>
4. Type any word
5. Press <enter>
6. Type any word BBNC (do not press enter)
7. Change the text to red
8. Without re-highlighting the text, change the text color again to blue
9. Notice the last line is unselected