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Jul 28, 2013 at 3:01 vote accept Jonathan Beardsley
Jul 7, 2012 at 21:36 comment added Craig Westerland @Jon, do you mean the localisation of the homotopy rings, rather than cohomology rings (that's what we're doing above with $MU$)? If so, in the generality of your original question (i.e., localisation at a homology theory), I think that the answer is no. For instance, localisation at Morava K-theories tends to introduce unexpected negative homotopy groups, even to connective spectra. Localising at a prime, however, is much more reasonable, and has the desired effect on $MU$. Indeed, Sullivan's original localisation of spaces was constructed by localising their homotopy.
Jul 6, 2012 at 20:05 comment added Jonathan Beardsley @Craig Does a localization of the spectrum always induce an actual localization of the cohomology rings?
Jul 6, 2012 at 14:34 history edited Ulrich Pennig CC BY-SA 3.0
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Jul 6, 2012 at 14:32 history edited Craig Westerland CC BY-SA 3.0
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Jul 6, 2012 at 14:31 history edited Ulrich Pennig CC BY-SA 3.0
fixed the latex
Jul 6, 2012 at 14:12 history answered Craig Westerland CC BY-SA 3.0