I'd say what's happening here is that you have some heavy jpeg compression going on.
Check the Jpeg compression level you exported the SWf at and also the compression of the original jpeg.
If the jpeg at the external source is compressed the loadMovie'd into Flash, it may be that the jpeg is being compressed to the setting when the SWF is originally published.
So an 80% jpeg when imported into a SWF with 80% compression will result in 64% compressed jpegs. (80% of 80%). Even if the image is loadMovie'd in it will most likely take up the SWF's published compression settig...
I'm just conjecturing though.... but it seems that may be what's happening. Try compressing the original to 64% and compare with what you see..
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