Apple LiveType 2 - Manual (Page 100)

100 Chapter 7 Working With Effects and Keyframe Animation
The stack (in the Effects tab of the Inspector) has been changed automatically. The
Scale, Rotate, and Offset parameters now apply to this effect, in addition to the original
Opacity parameter.
6 Click the Play button in the Canvas or press the Space bar to play a RAM preview.
Moving, Deleting, Adding, and Copying Keyframes
The more you experiment with effects, the more you’ll want to create and change
them to suit your own tastes. For example, you can change the placement of keyframes
in an effect to make it play out differently. Or you can add or delete a keyframe entirely.
To move the position of a keyframe in the Timeline:
m Drag the keyframe marker left or right within the effect bar.
To delete a keyframe:
1 Select the keyframe you want to remove.
2 Choose Track > Delete Keyframe.
Note: If you select a keyframe and press the Delete key, the entire effect is deleted.