Drain pineapple, reserving juice, arrange slices in 9x13 inch pan. Place cherry half in center of each.
Combine cake mix, eggs, water and oil in large mixer bowl. Blend, then beat at medium speed of electric mixer 4 minutes. Pour into pan. Bake at 350 degrees for 55 to 60 minutes or until cake tester inserted in center comes out clean and cake begins to pull away from sides of pan. Cool in pan 5 minutes.
Invert onto platter and let stand 1 minute, then remove pan. Serve warm.