Bright and silent LED-light like object drifting through evening sky, lights fade and object eventually disappears.

This evening (7 November 2013), as I was returning to my dorm room, I briefly watched what I believe to be a UFO in the sky.  Shortly after 6:30 I was crossing a sports field and returning to the dorm.  I turned and looked over my shoulder at the moon and Jupiter (which was a little below the tree line) then I looked almost directly above me.  I noticed two stars, one of which was as bright as Jupiter.  I found this curious and became more intrigued when I noticed it moving.  I thought it was a plane because of the airport nearby but even the planes highest up can be heard eventually.  This made no noise, and had none of the usual lights you see on a plane.  The best I can describe it was like someone was holding a giant LED flashlight and pointing it towards the ground.  
After a few seconds light went out the way an ember dies, yet I could still see it.  It was faint but obvious.  It looked like its shape was long, perhaps like a rectangle, with white lights not near! ly as bright as the initial light on either end. 
After that, whether it flew up to  a higher altitude, left my range of vision, or was simply blotted out by the copper light in front of the building, I'm not quite sure, but it was gone.
((
Sighting of the "flare" of light from an Iridium satellite confirmed.  
http://heavens-above.com/IridiumFlares.aspx?lat=30.69417&lng=-88.04305&loc=Mobile&alt=3&tz=CST
PD))