Creating a CNAME record for any of the domains or subdomains you have in the hosting account will permit you to redirect it to a different domain/subdomain. The forwarded domain address will lose all its records - A, MX and so on, and will take the records of the Internet domain it's being redirected to. In this light, you can't set up a CNAME record to direct your domain name to a third-party company and retain a functional email service with the first hosting company. Also, it is very important to know that a CNAME record is always a string of words rather than a number as it is commonly wrongly identified as the A record of the domain being redirected. One of the major uses of a CNAME record is to point a domain which you own through one company to the servers of another company assuming you have created a site with the latter. That way, the site will appear under your own domain address, not under some subdomain provided by the third-party company.