Without seeing the FLA it's hard to tell, but the behavior in the browser is similar to the behavior which is experienced when no hit state has been created for a button while in symbol editing mode.
I do have created the hit state. I am new to flash actually and followed the flash tutorial in the software itself.... I have one concern though. I have soecified the URL in only one state of the button, ie the "up" state. Because it allows me to specify only when some text is selected! as you see from my webpage. and not in the other states. COuld this be any reason?