Featured Post Slider – preview text/read more

Dear all, I have the featured post slider enabled, and when I write some text in the "post" section, this text will also appear in the post slider itself (under the title). In this post slider, is there a way to show only the first line of text from the post, including a link "read more". Such by clicking on the "read more" link you go to the whole text in the post section. Hopefully somebody can help me with this. Regards, Janne