Lead scares have moved from toys to lipstick. If you use L'Oreal or Cover Girl lipstick you could be exposing yourself to lead levels the Food and Drug Administration does not allow in candy, according to a study by the Campaign for Safe Cosmetics (CSC). L'Oreal is based in Paris and Cover Girl lipsticks are marketed by Proctor & Gamble (NYSE: PG).

The Campaign for Safe Cosmetics said 20 of 33 brand name lipsticks had detectable levels of lead. The FDA is now conducting its own tests, but the agency spokesperson told Bloomberg News that it has not found dangerous levels previously.

CSC said they found lead levels ranging from 0.03 part per million to 0.65 part per million, which Harvard environmental epidemiology professor Joel Schwartz told Bloomberg can have the potential to increase risks of health hazards. Long term exposure to lead can result in higher blood pressure, kidney damage and loss of mental function.

In fact, CSC found that one-third of the lipsticks tested had lead levels that exceed the FDA's 0.1 per million limit for lead in candy. The products with levels exceeding 0.1 part per million included L'Oreal's Colour Riche True Red, Cover Girl's Incredifull Lipcolor Maximum Red and Maybelline's Moisture Extreme Cocoa Plum.

CSC wants cosmetics companies to test their products for lead. They also asked companies to require suppliers to guarantee that raw materials are lead-free. Neither seem to be outrageous requests.

How much of an impact will this have on P&G stock? Don't expect to see much yet, but if the FDA confirms CSC findings, P&G's stock will take a hit.