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The ruling is that you double it and then reduce it.
This is something with which I seriously disagree. I don't think that the -2 should be applied at all.
Quote
DOUBLE-TIME
Prerequisite: Transporter or {boot} speed mode
Choose a character. When the character is not adjacent to an opposing character and is given a move action, it may move up to double its unmodified speed value; it may not make attacks during this move action. At the end of the move, if the character is not a transporter, deal it 1 pushing damage that ignores Willpower and team abilities.
You move it "up to double its unmodified speed value" without actually touching the speed value.
Your speed value stays the same. It isn't written the same way as Charge or RS which specify that you halve the speed value.