Find & Replace same characters in within different elements

I have several different form labels, each with a unique "for" attribute.  I want to replace a text string that occurs within the values of only those labels with select "for" attirbutes. For example, suppose I want to replace replace  ":" with "*" within the text in all labels where for is lorem or ipsum.

<label for="lorem">LOREM:  </label>
<label for ="ipsum">IPSUM:  </label>
<label for ="dolor">DOLOR:  </label>

Becomes this:
<label for="lorem">LOREM*  </label>
<label for ="ipsum">IPSUM*  </label>
<label for ="dolor">DOLOR: </label>

I'd like to use jquery or plan javascript.

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Rainer JeschorCommented:
like this?
$(document).ready(function() {
    $('label[for="lorem"],label[for="ipsum"]').each(function() {

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Live sample:

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Alexandre SimõesManager / Technology SpecialistCommented:
Here's a sample fiddle: Sample

I'm adding here the code just for reference:
var forArray = ['lorem', 'ipsum'],     // specify the 'for' values here
    replace = { src: ':', dest: '*' }; // specify the replace settings here

for(var i=0; i<forArray.length; i++){
    var elements = $('label[for="' + forArray[i] + '"]');
    for(var j=0; j<elements.length; j++){
        var $elem = $(elements[j]),
            elemHtml = $elem.html();

        $elem.html(elemHtml.replace(replace.src, replace.dest));

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JJ2357Author Commented:
@Rainer - thanks.  The solution works as requested.  Do you know if there's any way to just replace just the first instance of ":" within the label?  I ask because some of the label values include URL's, and the ":" is getting stripped from those too.
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Rainer JeschorCommented:
thanks for the points.
The replace function by default will only replace the first instance - I have just updated the jsFiddle (same url as above).
As you can see, only the first one gets replaced.
Rainer JeschorCommented:
At least in Chrome and IE11 (just tested).
JJ2357Author Commented:
Interesting.  It only  happens when the ":" is included within a tag.  Example: replace the URL in your updated fiddle with:
<img src="">

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Rainer JeschorCommented:
Your sample did just contain plain text - so no additional tags. Therefore I used the text() function.
If your label contains html then we have to use the html() function:

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I updated the fiddle as well.
JJ2357Author Commented:
terrific, my bad.  Thanks.
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