If you want to create a nice text effect you'll need to use the Action Script, which isn't very easy. This tutorial will teach you how to create in a easily way a cool text effect without Action Script. You can use this effect for some presentation, flash banner, header... Using this lesson, you will also learn how to use Color Mixer Panel, how to create Motion Tween and much, much more! Let's start!
Step 1Open flash, and set the Document Size at 400x50 px. Frame rate set to 26 fps (frames per second).

Step 2Create two layers and name the top one a text and the bottom one effect.
Step 3Click on the fifteenth frame of layer text and press F7 on the keyboard (Blank Keyframe). After that take the Text Tool (T) and type any text.

Step 4Click on the sixtieth frame of layer text and press F7 on the keyboard (Blank Keyframe).
Step 5Lock text layer and select effect layer. Click on the tenth frame and press F7 (Blank Keyframe).
Step 6While you're still on tenth frame, Take the Rectangle Tool (R), Stroke color must be switched off, under Fill color choose black color and draw a rectangle. Note! Your rectnagle must be approximate dimensions like your text that you placed on the stage in the fifteenth frame.

Step 7While your "rectangle" is still selected, open the Color Mixer Panel (Shift+F9) or choose Window > Color Mixer. After that set the options from the picture below!
Step 8Then, press F8 on the keyboard (Convert to symbol). In Convert to Symbol window under Behavior (Type - flash8) choose a Movie Clip, name whatever you like and press ok.
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Step 9While you're still on the tenth frame set the "rectangle" in this position:
Step 10Click on the fourteenth frame and press F6 (Keyframe). After that move that "rectangle" (new made Movie Clip) in the same position as your text. Look at the picture below!
Step 11After that click on the fifteenth frame and press F7 (Blank Keyframe).
Step 12Go back on the tenth frame, open the Properties Panel (Ctrl+F3) and under Tween choose Motion.

Step 13Click on the sixtieth frame and press F6 on the keyboard. After that click on the fourteenth frame, press Ctrl+C (Copy) go back on the sixtieth frame and press Ctrl+Shift+V (Paste in Place).
Step 14Click on the sixty-five frame and press F6. After that move your "rectangle" at the position like it is shown on the picture below!
Step 15Go back on the sixtieth frame, open the Properties Panel (Ctrl+F3) and under Tween choose Motion.
Step 16Click on the sixty-sixth frame and press F7 on the keyboard (Blank Keyframe).

We're done!
Download source file (.fla)