Excel find and replace formula

Hi everybody.
I am forex and options trader. Options contracts look like this: ‘GOOG 121005C770″ or “GOOG 121005P770”. I need to have a formula that can lookup the cell and if contains “*******P***” to replace the whole cell with “Put” and if the cell contains “*******C***” to replace the whole cell with “Call”. Now I am using find and replace function which is fine. I am using wildcard to find: ******P*** and replace it with Put and then run find and replace again to find: *******C*** and replace it with Call.
Is there a way to have a simple formula which can do both seaches and replacements.
thanks in advance.
E. M.