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Pop-Rock The Hollies: ''What goes around . . .'' (Atlantic 80076.) Most of the original group is back together for the first time since 1968 for this album - Graham Nash, Allan Clarke, Bobby Elliott, and Tony Hicks. Wrapped in a cellophane-thin wrapper of '80s pop (perhaps not intentionally), this is an ageless blend of songs. But what succeeds on Side 1 - resplendent tunefulness, tight, uncrowded arrangements, falters just a bit on the flip side. Their remake of the Supremes ''Stop! In the Name of Love'' merely muddies its simple melody. Nonetheless, a listen to the cuts on the first side reveals the Hollies undiminished in their ability to spin a tune.

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