It will be very much code to show in one answer. Actually, I searched my very old archives, and I found my old class for reflection (2009 year). It will create reflection for you, It supports animated objects, and also distance from object to start of reflection. With only 2 lines of code:
var test:Sprite = new Sprite();
test.graphics.beginFill(0x990099);
test.graphics.drawRect(0, 0, 100, 50);
addChild(test);
test.x = test.y = 50;
//Reflection
//test - object that will be reflected
//40 - alpha, 40%
//200 - ratio, max value 0xFF or 255, with 0xFF you will see full object in reflection
//-1 - update frame rate, for animated objects
//0 - some dropoff... actually I don't remember it, don't use it by passing zero, It affects reflection bounds
//10 - distance to the reflection in pixels...
var vars:ReflectVars = new ReflectVars(test, 40, 200, -1, 0, 10);
var reflect:Reflect = new Reflect(vars);
And a result:
if you are interested in the class, I could move it to GitHub.