Cook first 3 ingredients in a heavy saucepan over low heat, stirring constantly until smooth. Stir in pecan halves. Cool in pan 5 minutes.
Drop by tablespoonfuls onto lightly greased wax paper. Chill 1 hour, or freeze 20 minutes until firm.
Melt morsels and candy coating in a heavy saucepan over low heat, stirring until smooth. Dip caramel candies into chocolate mixture, allowing excess to drip; place on lightly greased wax paper. Let stand until firm.