Hi Leslie,
I'm afraid that is a difficult style problem to solve. The table for the calendar is made up of complex tables and rows with colspans and rowspans that try to even out the layout and what happens is the neighboring table cell affects the height of that cell because the long title of the other event makes the neighbor td taller causing the whole row to be taller. I can say it also is handled differently in different web browsers, its looks correct in Chrome for example. I wish I had a solution to offer but a solution eludes me. Maybe a better css guru could come up with something.
You could limit the hight of the event label div like this:
div.eventcontainer { max-height: 30px; overflow-y:hidden; }
and that fixes the layout by preventing the content from overflowing and growing the row height but then part of the long title on the other event is clipped.
Wish I had a better solution to suggest but I don't.
Best,
Joe