When you have an order by inside the OVER() clause for aggregations that aren't normally sensitive to sorting (min, max, stdev, etc...) it becomes a running subtotal. See Justin Cave's answer to the question below for a more thorough treatment.
Oracle MIN as analytic function - odd behavior with ORDER BY?
EDIT
Referring to the sqlfiddle here:
http://www.sqlfiddle.com/#!4/a0f10/33
The first query:
SELECT B1.ST
, B1.ET
, MAX(B1.ET)
OVER(PARTITION BY B1.MAS_DIV_KEY
,B1.STN_KEY
,B1.SBSC_GUID_KEY
ORDER BY B1.ST
) AS TEST_COL
FROM AM_PROGRAM_TUNING_EVENT_TMP1 B1
ORDER BY B1.ST;
... returns
ST ET TEST_COL
March, 28 2012 11:00:00-0700 March, 28 2012 11:05:00-0700 March, 28 2012 11:05:00-0700
March, 28 2012 11:03:00-0700 March, 28 2012 11:15:00-0700 March, 28 2012 11:50:00-0700
March, 28 2012 11:03:00-0700 March, 28 2012 11:50:00-0700 March, 28 2012 11:50:00-0700
March, 28 2012 11:10:00-0700 March, 28 2012 11:30:00-0700 March, 28 2012 11:50:00-0700
March, 28 2012 11:20:00-0700 March, 28 2012 11:50:00-0700 March, 28 2012 11:50:00-0700
So let's break this down... The first row is a distinct ST so the MAX up to that point is whatever is in that row. Next row, the ST is not unique. So the MAX for all rows up to that point is not 11:15, but rather 11:50 for BOTH rows with ST 11:03. The final two rows never have ET after 11:50, so that's what we show for all remaining rows. We've used the ORDER BY in the OVER clause, so that's what we told Oracle to do.