Boeing (BA, news, chart, volatility) is seeing double normal options trading volume. 35,000 puts have traded, more than 7 times the number of call options. With shares up 49 cents to $53.34, the May 50 and May 35 puts are the most actives, with more than 15,000 traded in each. The action looks a lot like bearish spread trading. For example, at 11:53 ET on the AMEX, 5,000 of the 50s traded offerside for $6.60 and 5,000 of the 35s on the bid for $2.05 a contract. In this case, it looks like the spread was bought for a net debit of $4.55. The potential payoff is $10.45 (excluding commissions) if BA falls to $35 or less by May options expiration. The company says today that its 787 won’t have its first flight until the fourth quarter. The news comes the day after the stock was downgraded and put on Goldman Sachs’ Conviction Sell List yesterday.