This is an announcement for the paper "Localizing algebras and invariant subspaces" by Miguel Lacruz and Luis Rodriguez-Piazza. Abstract: It is shown that the algebra \(L^\infty(\mu)\) of all bounded measurable functions with respect to a finite measure \(\mu\) is localizing on the Hilbert space \(L^2(\mu)\) if and only if the measure \(\mu\) has an atom. Next, it is shown that the algebra \(H^\infty({\mathbb D})\) of all bounded analytic multipliers on the unit disc fails to be localizing, both on the Bergman space \(A^2({\mathbb D})\) and on the Hardy space \(H^2({\mathbb D}).\) Then, several conditions are provided for the algebra generated by a diagonal operator on a Hilbert space to be localizing. Finally, a theorem is provided about the existence of hyperinvariant subspaces for operators with a localizing subspace of extended eigenoperators. This theorem extends and unifies some previously known results of Scott Brown and Kim, Moore and Pearcy, and Lomonosov, Radjavi and Troitsky. Archive classification: math.OA Mathematics Subject Classification: 47L10, 47A15 Remarks: 15 pages, submitted to J. Operator Theory Submitted from: lacruz@us.es The paper may be downloaded from the archive by web browser from URL http://front.math.ucdavis.edu/1308.4995 or http://arXiv.org/abs/1308.4995