Smart Trim
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Smart Trim implements a new field formatter for textfields (text, text_long, and text_with_summary, if you want to get technical) that improves upon the "Summary or Trimmed" formatter built into Drupal 7.
After installing and enabling Smart Trim, you should see a "Smart trimmed" option in the format dropdown for your text fields. This is located in the "Manage Display" section of "Structure->Content types. With smart trim, you have control over:
