😱 IE???
FRT means freight (that stays backordered until your item ships)
PHONE is your phone. If it switches to 0, that means your type of phone (i.e. 16GB white, 8GB, whatever) is in the warehouse, but it doesn't guarantee that you will be receiving your phone shortly.
One thing to note is that there's a delay between how fast it ships and how fast AT&T updates the site. I looked at the FedEx tracking and my phone had shipped 5pm CST (3pm PST), and AT&T's site updated to tell me at 7pm PST.