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The read more... link appears when you have a sory that is in two parts: the introduction text (the top textarea in the news admin screen), and the full text (the second textarea field). If you put all your text in the top area, the read more... link does not appear.
The comments link appears when you've activated comments for the groups of users you want to be able to comment. You can set this in the Preferences screen of the news module administration.
Herko