wp_query — no “Read More” link

Hello,

I am having an issue with my wp_query. I want my most recent blog/portfolio entry to show up on the main page, but I also want it to just be only the content before the <!–more–> break. It won’t work for me. Is there anyone who has experienced this issue or knows what I’m doing wrong?

Here is my code:
$featured = new WP_Query(‘category_name=portfolio’);
$featured->query(‘showposts=1’);
while($featured->have_posts()): $featured->the_post();
$wp_query->in_the_loop = true;
?>

<h2><?php the_title();?></h2>
<?php if(has_post_thumbnail()):?>
<?php the_post_thumbnail();?>
<?php endif;?>
<?php the_content(‘Read More –»’);?>
<?php endwhile;?>

I am using 3.0-RC2-15182.