Annie Trailer Stars Quvenzhane Wallis, Jamie Foxx, Cameron Diaz, Rose Byrne: Watch Now!

Entertainment May. 29, 2014 AT 12:05PM

It's a hard knock life for Quvenzhane Wallis. The wunderkind stars in the upcoming adaptation of the classic story of Annie as the famed little orphan girl. 

Wallis, 10, steals the show in the latest trailer, acting alongside Jamie Foxx, Cameron Diaz, Rose Byrne, and Bobby Cannavale, among others. 

PHOTOS: Rose Byrne and Bobby Cannavale

The new clip opens with Foxx as Benjamin Stacks, a modern-day spin on the character of Daddy Warbucks. He is shown as a wealthy New York City man, who flies around the city in a helicopter, stays in an ostentatious home, and is planning a political run. 

Wallis as Annie is then introduced to the tune of the classic "Hard Knock Life" in a cramped room with other girls, under the care of an urban Miss Hannigan, played by Diaz. 

PHOTOS: Quvenzhane at the Oscars

The trailer also features the original Annie song "You're Never Fully Dressed Without A Smile," and includes footage of Annie moving into Stacks' home, a misunderstanding of Hannigan as a prostitute, and jokes about Wallis' natural hair.

PHOTOS: Quvenzhane's red carpet style

Produced by Jay Z and Will Smith, Annie is helmed by director Will Gluck (Friends with Benefits). The movie will hit theaters on Dec. 25, 2014. 

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