Creating a CNAME record for each of the domains or subdomains that you have in the hosting account will permit you to direct it to a different domain/subdomain. The forwarded Internet domain will lose all of its records - A, MX and so on, and will take the records of the domain name it's being forwarded to. In this light, you can't create a CNAME record to point your domain to a third-party company and retain a functional email service with the first hosting company. It is also very important to know that a CNAME record is always a string of words and not a number as it is regularly confused with the A record of the Internet domain being forwarded. One of the primary uses of a CNAME record is to direct a domain that you own through one provider to the servers of some other company assuming you have set up a website with the latter. By doing this, the website will appear under your own domain, not under some subdomain provided by the third-party provider.