Sorry folks, I should have posted the solution.
I had actually done this before, but had forgoten that I did. I found an old source file I had backed up and the solution was there.
What I was doing before was creating a dynamically generated specials banner.
Here is the code to pull the data:
~~~~~~~~~~~~~~~~~~~~~~~~~~
<cfsetting enablecfoutputonly="Yes">
<cfquery name="ListResults" datasource="bfInfo">
select announcement,linkTo from specAn
where live = 1
</cfquery>
<cfoutput query="ListResults">
&specText=#urlEncodedFormat(announcement)#&link To=
<u>Go to This Program.</u>&
</cfoutput>
~~~~~~~~~~~~~~~~~~~~~~
The string created has html code embedded within it as you can see. When you create the text field within the flash peice you have to designate text type as dynamic and also check off the "render as HTML" button. Now you can insert basic formatting and instructions within the string.