Thanks to what's being viewed as good news out of the black-robed Supremes in Washington, D.C., investors were gobbling up call options on Microsoft (MSFT) - Get Report, according to some options traders.

Tuesday morning, the

U.S. Supreme Court

remanded the antitrust case against Microsoft to a lower court, in what was viewed as a rebuff to the government and a victory for the software giant, which has been attempting to maneuver its appeal to the

U.S. Circuit Court of Appeals for the District of Columbia

. A couple of years ago, a three-judge panel of the appellate court issued a significant ruling in favor Microsoft.

Shares of Microsoft were up $2.81, or 4.6%, to $64.06.

One Wall Street options trader said there was a lot of call buying in Microsoft, notably the October 60 and October 65 calls. On the

Chicago Board Options Exchange

, the October 60 calls were trading up 1 3/4 ($175) to 4 7/8 ($487.50). The October 65 calls were trading up 13/16 ($81.25) to 2 1/16 ($206.25), on volume of nearly 5,400 contracts.

A call option is the type of option contract that gives the purchaser the right but not the obligation to buy a security for a specified price at a certain time and is a bullish wager on a stock.

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In addition to the call buying on Microsoft, the trader was seeing call buying in


(INTC) - Get Report

options, with the buying in both being done by "smart money," often big institutions. Intel's stock has been under assault since its revenue warning


Intel was down $1.38, or 3%, to $44. The trader highlighted buying in the Intel October 45 calls. Heaviest volume on the Intel October 45 calls was seen on the

American Stock Exchange

, where 5,680 contracts traded. The calls were trading down 3/8 ($37.50) to 2 5/8 ($262.50).

Meanwhile, Jay Shartsis, options strategist at

R.F. Lafferty

in New York, worried about the overall market's health considering that it didn't rally with the Microsoft news.