Spinoffs perform even worse than usual -- Opportunity?

Spinoffs frequently struggle immediately after they are freed from the clutches of their former parent company. Shareholders of the larger company are given stock in a company they may not want and, because of the smaller size, many funds can't hold the shares and must liquidate them -- the result is pressure on the price.

According to The Wall Street Journal, recent spinoffs have been beaten down [subscription required] even more than investors have come to expect. Broadridge Financial Solutions, Covidien, Tyco Electronics, and Discover Financial Services, have been creamed in the short-time that they've been trading.

Does this present an opportunity for patient investors? I haven't looked at all of these companies individually but the statistics provide very compelling evidence that spinoffs deserve at least a look -- and these ones are probably a good place to start.

For an excellent look at how to profit from spinoffs, pick up a copy of Joel Greenblatt's classic You Can Be a Stock Market Genius.

Note to the folks at StockPickr: Can you put together a portfolio with all the latest spinoffs? I can't seem to find one...