Invertible modules for commutative -algebras with residue fields

The aim of this note is to understand under which conditions invertible modules over a commutative -algebra in the sense of Elmendorf, Kriz, Mandell & May give rise to elements in the algebraic Picard group of invertible graded modules over the coefficient ring by taking homotopy groups. If a connective commutative -algebra R has coherent localizations for every maximal ideal , then for every invertible R-module U, U_*=π_*U is an invertible graded R_*-module. In some non-connective cases we can carry the result over under the additional assumption that the commutative -algebra has ‘residue fields’ for all maximal ideals if the global dimension of R_* is small or if R is 2-periodic with underlying Noetherian complete local regular ring R₀. We apply these results to finite abelian Galois extensions of Lubin-Tate spectra.