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Howard dived to his right to save Ferdinand's shot and former United defender Phil Neville made it 2-0 to Everton.
Nemanja Vidic and Anderson both found the net for United but the Toffees didn't let go their advantage.
The shootout loss means that United's bid to become the first club to win five titles in one season is over.
The Red Devils have already won the FIFA Club World Cup and the domestic League Cup and is also defending the Premier League and Champions League titles.