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Data: GlobalData Financial Deals Database; Chart: Andrew Witherspoon/Axios

Half of the top investment banks advised on fewer deals in the first quarter than the prior year period, but the deals were bigger.

The big picture: Research from analytics firm GlobalData shows the usual suspects again topped the list of advisers on the biggest M&A deals in the first quarter, but it was their participation in just 2 deals that made the difference: Bristol-Myers Squibb's purchase of Celgene, and Saudia Aramco's deal to acquire a majority stake in Saudi petrochemical company SABIC.

  • JP Morgan, Evercore, Morgan Stanley and Citi advised on the Bristol-Celgene deal, while Citi, JP Morgan and Morgan Stanley advised the Saudi-SABIC deal.

Between the lines: Advisers typically pocket M&A advisory fees that are based on the total transaction value.

  • These fees aren't reflected in the banks' Q1 results since the deals haven't closed yet. But M&A advisory fees for Goldman Sachs, for example, helped offset sluggish trading revenues.

Go deeper: In 2019's M&A market, less is more

Go deeper

3 hours ago - Health

15 states broke single-day coronavirus records this week

Data: Compiled from state health departments by Axios; Map: Danielle Alberti/Axios

At least 15 states broke their single-day novel coronavirus infection records this week, according to state health department data reviewed by Axios.

The big picture: The number of coronavirus cases increased in the vast majority of states over the last week, and decreased in only two states plus the District of Columbia, Axios' Andrew Withershoop and Caitlin Owens report.

Updated 4 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 3 p.m. ET: 11,143,945 — Total deaths: 527,681 — Total recoveries — 6,004,593Map.
  2. U.S.: Total confirmed cases as of 3 p.m. ET: 2,818,588 — Total deaths: 129,584 — Total recoveries: 883,561 — Total tested: 34,213,497Map.
  3. States: Photos of America's pandemic July 4 ICU beds in Arizona's hot spot reach near capacity.
  4. Public health: U.S. coronavirus infections hit record highs for 3 straight days.
  5. Politics: Trump extends PPP application deadlineKimberly Guilfoyle tests positive.
  6. World: Mexican leaders call for tighter border control as infections rise in U.S.
  7. Sports: 31 MLB players test positive as workouts resume.
  8. 1 📽 thing: Drive-in movie theaters are making a comeback.
4 hours ago - Health

In photos: America celebrates July 4 during global pandemic

Photo: Francine Orr/Los Angeles Times/Getty Images

The U.S. has already celebrated Easter, graduations and so much more during the coronavirus pandemic, and now it can add July 4 to the list.

The state of play: Axios' Stef Kight writes public parades and fireworks displays around much of the country are being canceled to prevent mass gatherings where the virus could spread. Hot-dog contests and concerts will play to empty stands and virtual audiences — all while American pride treads an all-time low.