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Finding a double-bagger requires a lot of patience, but if you are right the investment could be very rewarding. The recent market downturn has created opportunities. The following seven companies could reward shareholders with over a 100% return if investors are willing to be patient.

Bank of America Corporation (NYSE:BAC), a financial holding company, provides banking and nonbanking financial services and products to individuals, small- and middle-market businesses, large corporations, and governments in the United States and internationally.

Why would anyone buy banks in this economy, especially a company like Bank of America? The reason is that Bank of America's stock may be priced for failure. The last time the stock was trading around this price was when bankruptcy was a strong possibility. Although I do not see the company getting very strong, I also do not see the company getting any worse. The stock is acting as if BAC will go bankrupt over the coming years, and that's just not the case. Management is starting to realize how much of a drag its Countrywide segment has been on earnings. The stock has a forward P/E of 4.6.

Ford Motor Company (NYSE:F) primarily develops, manufactures, distributes, and services vehicles and parts worldwide. It operates in two sectors, Automotive and Financial Services.

Ford has fallen quite a bit on fears of union talks and European sales. Ford has done a fantastic job with innovation and has a solid management team. The company has also done well negotiating with the UAW, and recently mentioned that talks are going well. Many economist think there is a slowdown coming, but Ford has been riding through. The company is putting up solid sales numbers and taking market share from companies like Toyota (NYSE:TM). The stock has a forward P/E of 5.2.

ATP Oil & Gas Corporation (ATPG) engages in the acquisition, development, and production of oil and natural gas properties in the Gulf of Mexico, the United Kingdom, and the Dutch sectors of the North Sea.

ATP has been a victim of ratings agency Moody's. Moody's announced that the company would not be able to cover its debt obligations that mature in 2015. Even though management rebutted Moody's claim, the stock still fell. I honestly believe management knows more about their operations than a rating agency. There have been large amounts of shares, with the CEO dumping millions of dollars into shares. The stock has a forward P/E of 5.2.

Southwest Airlines Co. (NYSE:LUV) operates as a passenger airline that provides scheduled air transportation in the United States.

With AMR rumored to announce a pre-packaged bankruptcy, why would anyone be looking to invest in the airline business? Well simply because Southwest is not like all those other airlines. For one, it is profitable because it is a discount airline offering cheap fair. It also has great deals such as its "bags fly free" program. With oil prices on the decline, Southwest will see an increase in its bottom line. The stock has a forward P/E of 9.5.

Alcatel-Lucent (NYSE:ALU) provides products, solutions, and transformation services that enable service providers, enterprises, governments, and strategic industries to deliver voice, data, and video communication services to end-users worldwide.

Alcatel has been generating some very low margins. The stock recently fell 10% after Nomura mentioned a slowdown in U.S. sales. While these events are reasonable, it doesn't show the entire picture. Alcatel has set strong goals for delivering its 4G service to its broad customer base. 4G is the future and Alcatel is poised to profit from it. The stock has a forward P/E of 5.5.

Frontier Communications Corporation (NASDAQ:FTR), a communications company, provides regulated and unregulated voice, data, and video services to residential, business, and wholesale customers in the United States.

Frontier has seen its stock get hammered on fears of a dividend cut. However, what many investors fail to see is that the company has sufficient free cash flow to cover its dividend. These telecom stocks tend to have high depreciation, which deflate their earnings. The yield is 12.3% and yield hungry investors should consider investing for the yield. The stock has a forward P/E of 18.8.

Nokia Corporation (NYSE:NOK) manufactures and sells mobile devices, and provides Internet and digital mapping and navigation services worldwide.

Nokia could see a rebound in its stock if Windows Phone sales are strong. The company is getting back on the right track after cutting cost and dropping its inferior Symbian O/S. It has also seen strong sales for its dual-SIM handsets in Asia. Although the company is losing market share to iPhones and Droid phones, Nokia still is number one in handset sales by volume. Also, just like Frontier, the stock enjoys a nice yield of 10% and is covered sufficiently by the free cash flow. The stock has a forward P/E of 15.5.

Source: 7 Potential Doubles Under $10