Here's what I'm doing:
I start Flash CS4 and create a new Action Script 3.0 Flash File. I drag-and-drop a slider from the Components window on to the initial layer and give it an instance name of "contrast_slider". When I click off of the slider it's outline is visible in the layer. I then drag-and-drop another slider from the Components window on to the same layer and give it an instance name of "red_slider". When I click off of this slider it's outline disappears. If I take the Selection Tool and create a bounding rectangle that encompasses both sliders the outline of the second slider will be visible but will disappear when the bounding rectangle goes away.
Am I doing something wrong here? I fully admit that I'm a noob when it comes to Flash so it's entirely possible that I missed some key concept but I was under the impression that I could just drag-and-drop components on to a layer, give them different instance names and be on my way.