We consider the stability of a configuration consisting of a vertical magnetic field in a planar flow on elliptical streamlines in ideal hydromagnetics. In the absence of a magnetic field the elliptical flow is universally unstable (the ``elliptical instability''). We find this universal instability persists in the presence of magnetic fields of arbitrary strength, although the growthrate decreases somewhat. We also find further instabilities due to the presence of the magnetic field. One of these, a destabilization of Alfven waves, requires the magnetic parameter to exceed a certain critical value. A second, involving a mixing of hydrodynamic and magnetic modes, occurs for all magnetic-field strengths. These instabilities may be important in tidally distorted or otherwise elliptical disks. A disk of finite thickness is stable if the magnetic fieldstrength exceeds a critical value, similar to the fieldstrength which suppresses the magnetorotational instability.

Accepted for publication in Astrophysical Journal