Ken,With respect, the fact is that a lower share price allowed...

Ken,
With respect, the fact is that a lower share price allowed one to cross the spread and make 3.5%, i.e. buy at 33c sell at 33.5cents, its a bit over 3.5% so a 1% move gave you 7%.

I did a lot of that and made some happy money out of BLY.

The consolidation makes it harder to do that because (for example) at those equivalents, you can buy your shares at 3.31 and sell at 3.49 and get out without moving the price significantly.