NSTextField placeholder text doesn't show unless editing

I set the placeholder text of my NSTextField in Interface Builder, but the placeholder text doesn't show until I click inside the text field to edit it. Anyone else having this issue?

Thanks

EDIT: Screenshots. Here's what the field looks like when I'm not editing it:

Not editing http://cl.ly/2a0R1h1p2A082g1t1b3q/Screen_Shot_2011-04-01_at_6.51.25_PM.png

And this is what it looks like when I'm editing it:

Editing http://cl.ly/1c2d1U233R3j3k0M2E2Q/Screen_Shot_2011-04-01_at_6.51.32_PM.png