Sorry so late pj-- the industry certainly has enjoyed a nice run-up and is definitely long-term "investment grade" (I have this industry [but not BA specifically] as ~6% of my portfolio).
Straight up put options would be the Aug 105s IMHO.
Reward:Risk of 1.9:1 (assuming 100.5 tgt/107.50 stop)
Aug strike: $105 Est Intrinsic: $4.50 Ask: $2.28 Est Gross: $2.22 (+97.37%)
(My 2 pennies: if BA had the "minis," this would be one worth considering writing a put (10 shares -vs- 100 per contract) to either capture the premium or get the shares at a lower price. Otherwise a do-able strategy if one was already invested in BA would be to write a covered call.)
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