Help! My potted magnolia bush looks sad!

I'm not really good with plants, but I bought a fairly nice size magnolia bush in a large pot, i water it weekly and it is in full sun, yet its leaves are yellow (green at the base) and looks like the leaves are growing on sticks! Is there any help for my poor magnolia? What can I do to save it?

 

Deciduous magnolias are just coming into leaf.

 

I see. Thank you, Ron

 

If you think there is some other problem, now or later pick affected leaves and show to Master Gardener clinic volunteer, nursery expert or other trusted source of gardening information.