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HEAT oven to 350°F.
DRAIN pineapple, reserving 2 Tbsp. juice; set aside. Mix sugar and butter in 13x9-inch pan. Arrange pineapple slices in pan, cutting if necessary to fit. Place cherry half, cut-side up, in center of each slice. Sprinkle with reserved pineapple juice, then nuts.
BEAT remaining ingredients with mixer until blended; pour over ingredients in pan.
BAKE 50 to 55 min. or until top springs back when lightly pressed; cool in pan 10 min. Invert cake onto plate. (Do not remove pan.) Let stand 1 min.; remove pan. Serve cake warm or cooled.