If you have:
<td class="v3"> <a href="somelink">text to change</a> </td>
Then in your function you should have something like this:
$("td.v3").children("a").text("new text");
However, this will select all links that are direct children of tds with the .v3 class. Adding .first () after children should help:
$("td.v3").children("a").first().text("new text");
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