Hey pinkflower.. congrats on getting an Egg magnolia (yay!)... For now, I would place it in a warm location, high humidity if possible, and carefully monitor its soil so that it is moist but not soggy.

What's the weather like at your area? Does your plant get any sun?
I'm thinking maybe it got too cold and the soil stayed too wet. Your plant went into a big shock but Egg magnolia is a tough plant so the chance of it recovering is good. You will probably see some die back on the top.

Did you repot your plant when you get it? What soil medium did you use? A good soil medium will help tremendously if you live outside of its ideal climate.

When you have the time, start reading the threads in Container garden. It's an incredible place. :) Maybe start out with these two topics:

http://forums2.gardenweb.com/forums/load/contain/msg0116163312392.html

http://forums2.gardenweb.com/forums/load/contain/msg0914024623640.html

Good luck!

Mine:
{{gwi:499259}}

Thanks so much kemistry for the information. I think it wasn't
Getting enough sun light.
Hopefully I will see some improvement