Moving Object Pivot Point
Flash CS3 Tutorial
How to Move Flash Object Scale and Rotation Pivot Point
An object's pivot point is important when scaling or rotating an object. Both operations are accomplished with the Free Transform tool or the Transform panel. For more information, see topics Rotating an Object and Scaling an Object.
Each operation centers around the object's pivot point. For instance, you may want to create a hand for a clock. The hand pivots around a point located towards the end of the hand.
Using the Pen tool (p key), draw a clock hand.
With the object selected, activate the Free Transform tool (q key).
The white dot is the current location of the pivot point. Click and drag the point to a new location.
Move your curser to a corner of the object to activate the rotate mode. Drag the object around the pivot point.