I was on a Newport Gangster Walking Tour with over 40 other people and we all saw it! We were looking toward Bernhard's Bakery at the time and then I looked up and to the left and saw it. It was so bright and I've never seen anything like it. It kept going for a few seconds and then finally was gone. I think it was red with a small reddish tail. Kind of reminded me of a flare in a way.