We consider the algebra of translation invariant operators of L(p)(T)
to L(q)(T). If 1 less-than-or-equal-to p < q less-than-or-equal-to inf
inity, the spectrum of such an operator coincides with the closure of
the range of the corresponding multiplier. Furthermore, if p less-than
-or-equal-to 2 < q, the operating functions on the algebra of multipli
ers are characterized.