Given this is still the beginning of a quarter, what you likely have are a few houses shuffling some of their holdings and realizing long-held gains. This stock is no longer a buy at $28, and it may go down as low as $26 before it becomes a buy once more. I think you're right in that smart money is bailing right now, and it may continue for at least another day. Then it might level off, and it'll be back to being the thinly traded stock it is.
After the March earnings S&P raised their target price to $36. Also, look at the first month after the past four earnings reports and you'll see that the stock traded down only to be a few dollors higher by the next report.
I bought at $8.40 and I'm not selling until URS gives me reason to sell.