Combine first 5 ingredients in a Dutch oven and bring to a boil. Cook, stirring constantly until mixture reaches 225 degrees. Add pecans and continue cooking, stirring constantly until mixture reaches the soft ball stage (236 degrees) on a candy thermometer. Remove from heat and beat vigorously with a wooden spoon until mixture begins to thicken. Drop by tablespoonfuls onto greased waxed paper. Let stand until firm. Store in an airtight container. Makes 3 1/2 dozen.