I've had some that rebloom. You can wait to cut the stem or not, it's your choice. JRutter, I would advise repotting--many times the phals that I have bought are in spaghum moss that is really tight around the roots.
With the next rebloom, the white-flowered phals are truly elegant. I'm sure that you will be pleased.
There is a thread above ^ called "The phal abuse ends here"--it's very good. Also the American Orchid Societ has a nice care sheet--you can google it. I would also advise some literature to help you on your Orchid journey.
Good luck~~
Pedi
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