Bright light hovering toward us suddenly took off fast changing shape and color

The object appeared to be a very large star towards the east above the horizon. As it approached it looked as though it the object was growing in size or its light was getting brighter. It did not sway from left to right for it was approaching toward our party. The object had a steady slow pace and did not appear to have shape. The light was far to bright to see the background of the object. It stopped and hovered in position for about 2 to 3 minutes and suddenly began to move left and to the north. The object gained speed (far much more then any commercial craft I and my party have ever seen). As it moved its shape appeard to change into a cigar shaped light. It passed behind the horizon. As it was approaching the horizon we could still see it and its color changed from a white/yellow to a red. It kept moving north until it could not be seen over the horizon. We all ran to our houses scared.  still to this day we have never seen anything like it.
Date is approximate.  Witness elects to remain semi-anonymous.  PD