The falling leaves are normal for spring on a magnolia and also for some transplant shock. Keep the soil moist but not soggy and wait another month or more to start fertilizing. Excess fertilizer can burn roots and for 6 weeks or more the main goal is to get roots started on their way into the surrounding soil. Then a light application of nutrients once or twice between May and mid summer should help. Choose a turf type product with a 3-1-2 ratio of nutrients.
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