10 beaten S& P stocks double this year

— -- There's an elite club on Wall Street investors probably would love to be a part of: the double club.

Just 10 stocks in the Standard & Poor's 500 have doubled in price this year, a solid run as the S&P 500 clings to a 2% gain.

Before you get too excited, consider: Much of the bounce is due to having previously been bludgeoned.

The fact the big bounces are coming from stocks trampled by the bear raises the question: Is their rise the start of a sustainable run for the market or just a few examples of a knee-jerk spring-back?

It's a "Look, they're still breathing" rally, says Michael Farr of Farr Miller & Washington. "Some stocks got way too cheap, but some of the positive rallies back are also excessive."

While skepticism is warranted, analysts say there are a few elements powering the doublers, including:

•The "We're not dead" trade. Investors treated some stocks, such as Sprint Nextel, like goners, says Phil Cusick of Macquarie Research. The stock fell to $1.35 as investors fretted over the wireless carrier's debt and falling revenue. But since management has stemmed the bleeding, investors made quick money betting on the company's survival, says Walter Piecyk of Pali Capital. "When things stop getting worse, stocks can outperform," he says.