Ann: Annual Report to shareholders, page-13

Gee you've got me wrong.
Consolidations suck. The MC generally drops 20% immediately.

But the benefit is that it tightens the register.
Instos prefer a split. Not a consol.

But when the SOI becomes too large there is too much liquidity and volatility.
Where companies really screw up is when they consolidate hard. I.e. 20-1

That moves a stock from overly liquid to illiquid.
And therefor you don't have short term investors jumping in as there's little room to exit when they wish.

* leave your money on the fridge.