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It’s cliché’ but plane maker Boeing seems to be stuck in a bit of a nosedive dropping to a 3-year low this week as fear of high fuel prices and labor issues plague the company.

However, when the company reported earnings on July 23rd its outlook seemed mostly positive. Boeing reaffirmed its earnings outlook for 2008 and 2009 and said its backlog rose 6 percent to a record $346 billion, bolstered by commercial airplane orders.

"While we faced some challenges this quarter that affected our results, we remain confident in our outlook for the remainder of this year and 2009," Jim McNerney, Boeing's chairman, president and chief executive, said in a statement.

"Strong global demand for our products and services, a record backlog, and a sustained focus on productivity improvement and execution will continue to drive growth and profitability for this company," he said.

Is Boeing a value play or a value trap?

The Value Trap Argument

I am so short hope I can’t even stand it, says Jeff Macke on Fast Money. It’s a value trap and it’s stuck on a 52-week low. And their customers are going bankrupt, so why should I buy?

The Value Play Argument

The stock has traded down on fear, counters Karen Finermean. To own a premiere name like this at 10 and half times earnings is a value. Over the past 5 years the P/E multiple has been around 23. I understand there are headwinds but the risk-reward at this valuation seems attractive. However, I would only own it through calls or call spreads so you can control the risks.

Other Plays

Another name in the space that I like is *Embraer , says Tim Seymour. I think it’s worth a look.

*Please note this stock is one of Tim Seymour’s Emerging Money Top 20.To see the entire index click here.

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On Aug 1, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Adami Owns (AGU), (C), (GS), (INTC), (MSFT), (NUE), (BTU); Macke Owns (COST), (MSFT), (EMC), (WMT); Finerman Owns (GS); Finerman's Firm Owns (MSFT), (SUN), (TSO), (VLO), (RIG); Finerman's Firm And Finerman Own (C) Leaps; Finerman's Firm Is Short (XLF), (BBT), (COF), (IYR), (IJR), (MDY), (SPY), (IWM); Seymour Owns (AAPL), (CSCO), (F), (INTC), (MER), (MSFT); Seygem Asset Management Is Short (FXI), (VIP)