If you are concerned about timing it right, or macro-economic swings, simply purchase a corresponding long position in an index fund / S&P 500. Options do cost premiums, but shorts typically do not. You can however even recover the option premium with a similar strategy by selling a matching option on the index.
You can construct a trade that will make you money assuming your assumption is correct (that that company will underperform the market).
You can construct a trade that will make you money assuming your assumption is correct (that that company will underperform the market).