slow moving object glowing as if on fire

While watching TV I saw thru my living room window, a large object glowing like it was on fire moving thru the sky. We have many planes pass within view of this window since we are only a few miles from an international airport but this was very odd looking. At first, I thought it could be a plane with some type of illuminated banner behind it but I stepped outside to get a better look and had no idea what it could be. I yelled for my wife and father in law to hurry and step out and see it. All 3 of us watched this object as it quietly moved in the direction of the airport. We watched it travel at least a half mile over 30 to 40 seconds and my thoughts were that it was a plane on fire and waited for a big explosion. The object traveled quietly and eventually came to a stop and was stationary in the sky for approximately 15 seconds at which time we heard a series (5 or 6) small explosions which sounded similar to rapid gunfire. No flames or explosions could be seen from the object but the object did then start loosing its brightness and gradually disappeared over about the next 10 seconds. At the point of clearest sight, my best description of this would have to be a plane moving slowly with at least the back half of its fuselage on fire. Since the object did come to what appeared to be a complete stop and since there was no sound (like engines), I discarded the idea of a plane and also the possibility of an asteroid and I remain completely baffled as to what it was. None of us 3 who watched this, could figure out what it was and none of us had ever in our lives seen anything like this before.