Every time I create an Xcode 4 project (iPhone app, cocoa library...) the .app file or the .a file under Products group appears in red (is missing).
Even if I build the project the file stills in red.
All my settings are default.
Try Building and Running on a device, I've noticed the same red text problem, but selected my iPhone and the red text has disappeared.
I have solved the problem with the following process:
Select projectname -> Click project -> Build Setting -> Search "Per-configuration Build Products Path"
Remove the extra string from there.
$(BUILD_DIR)/$(CONFIGURATION)
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