Hi Alan,
I suspect the warm weather forced early buds that were nipped by frost and the blooms for this year were lost.* You don't say how long this tree has been in the ground, if planted recently how it was cared for or how deep it was planted, if it's a recent transplant (magnolias don't transplant well) or if you pruned it.
Newt
When weeding, the best way to make sure you are removing a weed and not a valuable plant is to pull on it. If it comes out of the ground easily, it is a valuable plant.