In
o = Hello;
Hello is the name of a variable, as it would be in Java also. (It could also be the name of a function in MATLAB.) When a variable name appears to the right of =, it is evaluated. Since Hello has not been given a value, the attempt to evaluate it fails and you see the error message.
You probably need
o = 'Hello';
The right hand side of this is a string constant, not a variable.