loadMovie is gone in AS3. I liked to use loadMovie to pull swfs and jpgs into existing movie clips on the stage. You can still do this fairly easily by using the load() method. Here’s how:

var i =new Loader();
i.load(new URLRequest(yourimage.jpg));
movieClipInstance.addChild(i)

Basically we are loading the image into a Loader called “i”. Next we add i as a child to our movie clip that is on the stage.

Simple! Thanks Dmode for help on this.