Hello and thank you.
No, there is no strip feature in the module to shorten the title at this time. There is a way of shortening the title with CSS but it will limit the title to a single line.
The title strip is planned for a future release. Let me know if you need help on setting the stripping with CSS in the meantime.

Hi,
you will have to use the CSS properties on the .newstitle class:

white-space: nowrap;
text-overflow: ellipsis;
overflow: hidden;
width: [your width]

Use the 'category link label' for that. In order to have only one link at the bottom of your news items, all of them must come from the same category. Otherwise the label will show after each news item.