Cinram International has lost nearly half of its market value early Tuesday as investors tuned-out the DVD maker for suspending distributions after the December payout. The units plunged $5.77 or 45 per cent to $6.95 in the first 30 minutes of the Tuesday session on the TSX. RBC Dominion Securities downgraded the fund to "sector perform" from "outperform," slashing the price target to $14 from $22. "Elimination [of the distribution]should be a sharp disappointment," writes analyst Steve Arthur, adding that "Cinram should have a firm position in the proverbial penalty box for some time." While Cinram explained changing DVD fundamentals on its conference call, "investors will continue to question how things changed so dramatically, so quickly," Mr. Arthur points out. Bottom line: "we are not waiting for a specific price point [to step back in]so much as evidence that the steep decay in pricing has stopped, cash flow has stabilized with a somewhat greater level of predictability, and traction is established in the distribution business."