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1. Line two cookie sheets with waxed paper; set aside. In a microwave-safe large bowl, stir together cereal, marshmallows, nuts, and cranberries; set aside.
2. In a heavy medium saucepan, melt candy coating over low heat, stirring constantly until smooth. Pour melted candy coating over cereal mixture; stir gently to coat. Quickly drop by rounded teaspoons onto prepared cookie sheets. (If mixture sets up in the bowl, microwave on 100 percent power [high] about 30 seconds or just until mixture is soft enough to drop by rounded teaspoons. Stir.) Let cookies stand about 1 hour or until set. Makes 60 drops.