By Stephen Nakrosis

Shares of both Cerence Inc. and Adtalem Global Education, Inc. are trading higher after hours Thursday, following news Cerence will replace Adtalem on the S&P MidCap 400, which Adtalem moving to the S&P SmallCap 600 to replace Boston Private Financial Holdings.

At 5:53 p.m. ET, shares of Cerence Inc. were trading 6.85% higher, at $116.01. Volume at the time topped 21,000 shares.

At 5:44 p.m. ET, shares of Adtalem Global Education were trading 7.03% higher, at $39.27. Volume at the time topped 10,000 shares.

-Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

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