Hi Marilyn, there are two ways to go.
Cut the stalk down a node or cut the stalk off at the base. If you cut down to a node you might get the plant to re-bloom very quickly from a side branch growing from a node, but the flower count will be down.

If you cut the spike off at the base, given good culture and the right flowering triggers your plant will grow a fresh spike.

In depth discussion from FAQ is in the link. Peak flowering here by the few people who grow Phals in a local orchid society is spring but Phals. bloom at other times

Here is a link that might be useful: Info from FAQ

Thanks, Arthurm for the information.

Phals in Florida will spike after the first cold spell, usually in Dec. Mine are in bloom now.
The first thing you will want to do is repot into something other than spag. especially if you grow outdoors in the summer rainy season. You can fertilize with slow release. If grown outside, try to tilt the pot so water doesn't collect in the crown.
Hope this helps

TIA, just wondering how did you rescue plant from Lowes?

I've just got back checking their clearance rack, discounted to 50%, but seem to high for me due to the plants' condition.